OctaFX | OctaFX Forex Broker
Open trading account
Back

EUR/JPY outlook remains negative – Commerzbank

In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the outlook on the cross remains negative for the time being.

Key Quotes

EUR/JPY bounced higher yesterday but overcome no resistance of note, leaving our overall negative outlook unchanged. It has failed 3 times in the past 2 months at 134.58 and this is viewed very negatively. We look for rallies to fail circa 132.50/75 and ideally we would like to see a close below the base of the cloud at 130.98 to confirm losses to 128.50 and the 127.57 August low”.

“Intraday Elliot wave counts are still suggesting scope to retest 134.58”.

“Above 134.58 November 2015 high. Above here would target the 2008-2017 resistance line at 140.72/141.00”.

“The market is now bid above the 131.39 recent low and the base of the cloud at 130.98”.

Turkey Manufacturing Confidence: 106.3 (November) vs previous 109.5

Turkey Manufacturing Confidence: 106.3 (November) vs previous 109.5
Read more Previous

GBP/USD should find strong support near 1.3280 – UOB

Cable’s occasional downside should find decent support in the 1.3280 region, noted FX Strategists at UOB Group. Key Quotes 24-hour view: “While GBP
Read more Next
Start livechat