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EUR/JPY potential bounce beyond 138.00 – Commerzbank

FXStreet (Edinburgh) -According to Karen Jones, Head of FICC Technical Analysis at Commerzbank, the cross would be poised for a revisit of levels above 138.00.

Key Quotes

EUR/JPY sold off yesterday charted a minor new low then recovered”.

“It has held a support line connecting the lows since May and this is located today at 135.98”.

“We do not think that this will be retested at this point however because yesterdays low of 136.16 was accompanied by a large divergence of the daily RSI and we suspect that it will bounce towards the top of its 3 month channel at 138.18 near term ahead of further losses”.

“Targets are the October 2013 high en route to the 133.50/23.6% retracement of the entire move from 2012-2013. Our longer term target is 130.00”.

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