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EUR/JPY bearish below 138.79 – Commerzbank

FXStreet (Edinburgh) - The cross will keep the negative outlook as long as it trades below 1.38.79, suggested Axel Rudolph, Senior Technical Analyst at Commerzbank.

Key Quotes

EUR/JPY trades back below the 55 day moving average at 137.77, last week having failed below the current August high at 138.07”.

“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 139.96/140.09, the March, April lows, June high and 2014 downtrend line”.

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