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EUR/JPY bearish below 133.18/45 – Commerzbank

FXStreet (Edinburgh) - In the view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the outlook on the pair remains offered while below 133.18/45.

Key Quotes

EUR/JPY yesterday eroded the 131.60/49 October low BUT did not CLOSE below here, and we suspect may have seen a false break lower”.

“We notice that the daily and intraday Elliott wave counts are indicating this is still to be the end of the down move. For now the market remains offered while capped by 133.18/45, where the late September and early October lows were made”.

“While below here we look for losses to initially the 129.84 6 month channel and then 128.11, the 2013-2015 support line”.

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