19 Jan 2016
EIR/JPY: 2013-2016 support line at 126.52 - Commerzbank
FXStreet (Guatemala) - Karen Jones, chief analyst at Commerzbank explained that EUR/JPY has no change, the market is consolidating, risks remain on the downside.
Key Quotes:
"Near term rallies are indicated to struggle 129.25/130.75 and while below here, the market should remain under pressure. The market has a 2013-2016 support line at 126.52 it is bouncing from.
Beyond a small rebound we look for losses to extend to 126.08, the 2015 low and the 121.87 50% retracement of the bull move from 2012.
Above 130.52/75 lies the 131.26 55 day ma and the 4 month resistance line at 132.97."
Key Quotes:
"Near term rallies are indicated to struggle 129.25/130.75 and while below here, the market should remain under pressure. The market has a 2013-2016 support line at 126.52 it is bouncing from.
Beyond a small rebound we look for losses to extend to 126.08, the 2015 low and the 121.87 50% retracement of the bull move from 2012.
Above 130.52/75 lies the 131.26 55 day ma and the 4 month resistance line at 132.97."