27 May 2013
Flash: EUR/JPY remains bullish above 125.00 – Commerzbank
FXstreet.com (Barcelona) - The cross is meandering around 130.40 and 130.80 on Monday, reflecting the lack of direction prevailing in the markets, as there is no activity in the UK and the US.
“Last week EUR/JPY slid back to its upper triangle line at 129.95, now 129.77, and then bounced off it. Early this week expect to see more sideways to slightly bearish trading… Any short term bounce should fail ahead of or around the 132.78 mid-May high”, commented Axel Rudolph, Senior Technical Analyst at the German lender Commerzbank.
“Last week EUR/JPY slid back to its upper triangle line at 129.95, now 129.77, and then bounced off it. Early this week expect to see more sideways to slightly bearish trading… Any short term bounce should fail ahead of or around the 132.78 mid-May high”, commented Axel Rudolph, Senior Technical Analyst at the German lender Commerzbank.