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14 May 2015
EUR/JPY: Bid while above 131.65 uptrend - CB
FXStreet (Guatemala) - Karen Jones, chief analyst at Commerzbank explained that EUR/JPY is attempting to recover off 133.49.
Key Quotes:
"The Elliott wave count on the daily chart is implying a retracement towards 132.70/131.70 ahead of another leg higher and we remain unable to rule this out. The market remains bid however while above the 131.65 uptrend."
"We look for gains to the 136.70/137.29 February high and 200 day ma. The 55 week ma lies at 137.55 and we would expect to see the correction higher peter out ahead of here."
"Below the 131.65 short term uptrend will negate the correction higher and cast attention back to the 126.08 low."
Key Quotes:
"The Elliott wave count on the daily chart is implying a retracement towards 132.70/131.70 ahead of another leg higher and we remain unable to rule this out. The market remains bid however while above the 131.65 uptrend."
"We look for gains to the 136.70/137.29 February high and 200 day ma. The 55 week ma lies at 137.55 and we would expect to see the correction higher peter out ahead of here."
"Below the 131.65 short term uptrend will negate the correction higher and cast attention back to the 126.08 low."