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EUR/JPY negative below138.79 – Commerzbank

FXStreet (Edinburgh) - The cross would be tilted to the downside while trading below 138.79, signaled Morten Helt, Senior Technical Analysis at Commerzbank.

Key Quotes

“On Friday EUR/JPY tried to reach the 55 day moving average and the current August high at 137.92/138.07 but did not quite manage to do so”.

“It still targets this resistance area over the next few days but around it it is likely to struggle again and stall”.

“We will retain our medium term bearish forecast while EUR/JPY remains below the next higher 138.79 late February low on a daily chart closing basis”.

“While this is the case we will continue to target the 23.6% Fibonacci retracement of the entire move from 2012-2013 at 133.50 en route to the 130.00 level”.

“Above 138.79, key resistance lies at 139.96/140.26, the March, April lows, June high and 2014 downtrend line.”

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