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EUR/JPY capped by 138.01 – Commerzbank

FXStreet (Edinburgh) - Bullish attempts would remain capped by the 138.01 level, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

EUR/JPY is seeing a near term rebound off the base of a 3 month down channel at 135.48 today”.

“The market is bouncing but should remain capped by the top of its 3 month channel at 138.01”.

“We remain overall bearish and targets are the 133.50/23.6% retracement of the entire move from 2012-2013 en route to 130.00”.

“Above 138.01, key resistance lies at 140.00/36, the 2014 downtrend”.

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