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11 Mar 2015
EUR/JPY meeting string potential support zone - CB
FXStreet (Guatemala) - Karen Jones, chief analyst at Commerzbank explained that EUR/JPY has eroded the 130.20 recent low and in doing so targets the 200 month ma and Fibonacci retracement at 128.12/52 (38.2% retracement of the move up from 2012).
Key Quotes:
"This is expected to provoke some profit taking, it is also expected to act as the break down point to 124.94/June 2013 low en route to the 122.37/121.95 200 week ma and 50% retracement of the same move."
"Initial resistance lies at 132.00, the 2nd February low ahead of 134.60, the March high so far and the short term downtrend at 135.46."
"This is expected to provoke some profit taking, it is also expected to act as the break down point to 124.94/June 2013 low en route to the 122.37/121.95 200 week ma and 50% retracement of the same move."
Key Quotes:
"This is expected to provoke some profit taking, it is also expected to act as the break down point to 124.94/June 2013 low en route to the 122.37/121.95 200 week ma and 50% retracement of the same move."
"Initial resistance lies at 132.00, the 2nd February low ahead of 134.60, the March high so far and the short term downtrend at 135.46."
"This is expected to provoke some profit taking, it is also expected to act as the break down point to 124.94/June 2013 low en route to the 122.37/121.95 200 week ma and 50% retracement of the same move."