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EUR/JPY downside limited? – Commerzbank

FXStreet (Edinburgh) - In the view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the cross could drop to the 137.90 before resuming the upside.

Key Quotes

EUR/JPY corrected lower last week, it has executed a return to point of break out from the base, which is located at 138.36”.

“The Elliott wave count on the daily chart suggests a correction lower should terminate now circa 137.90 and we remain unable to rule out this move ahead of further gains”.

“However the intraday Elliot wave counts are suggesting that this move should terminate here”.

“Near term rallies will need to regain 140.10 in order to reassert upside pressure at this point and trigger a move to 141.88 and 143.55 (61.8% and 78.6% retracement of the move seen this year). This is regarded as the last defence for the 145.68 December 2013 high”.

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