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4 Aug 2014
EUR/JPY correction higher persists – Commerzbank
FXStreet (Barcelona) - Karen Jones, Head of FICC Technical Analysis at Commerzbank, sees potential for further upside to the 140.00 handle.
Key Quotes
“EUR/JPY started to correct higher last week and this has eroded the 2 month downtrend”.
“We suspect this week that we will see some further near term corrective moves higher and the intraday Elliott wave counts are suggesting that we will see gains back to 140”.
“Dips lower are indicated to terminate circa 137.40 and this guards the 136.37/25 lows”.
“Above 137.76 sees strength to 139.30/the July high and the 140.10 June high, we still look for the 2014 downtrend at 140.58 to cap”.
Key Quotes
“EUR/JPY started to correct higher last week and this has eroded the 2 month downtrend”.
“We suspect this week that we will see some further near term corrective moves higher and the intraday Elliott wave counts are suggesting that we will see gains back to 140”.
“Dips lower are indicated to terminate circa 137.40 and this guards the 136.37/25 lows”.
“Above 137.76 sees strength to 139.30/the July high and the 140.10 June high, we still look for the 2014 downtrend at 140.58 to cap”.