11 Jun 2015
EUR/JPY: remaining short for 136.00 – Commerzbank
FXStreet (Barcelona) - Karen Jones, Head of Technical Analysis at Commerzbank, sees downside potential for EUR/JPY in the near-term, and hence remains short for 136.00.
Key Quotes
“EUR/JPY has failed to overcome the 4th June high at 141.06 and this coupled with divergence of the RSI , a 13 count on the daily chart and the fact that the market is stalling just ahead of the top of its channel, we favour near term failure. It should provoke a slide back to the base of the channel at 135.92.”
“Current Position: Short 140.70 Recommended Trade: Stop over 141.10. Partially cover 137.25. Exit the remainder 136.00.”
Key Quotes
“EUR/JPY has failed to overcome the 4th June high at 141.06 and this coupled with divergence of the RSI , a 13 count on the daily chart and the fact that the market is stalling just ahead of the top of its channel, we favour near term failure. It should provoke a slide back to the base of the channel at 135.92.”
“Current Position: Short 140.70 Recommended Trade: Stop over 141.10. Partially cover 137.25. Exit the remainder 136.00.”