EUR/JPY: Failed on the initial test of the short-term downtrend – Commerzbank

EUR/JPY has failed on the initial test of its short term downtrend at 116.62, Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, reports.

Key quotes

“The intraday Elliott wave counts are negative and we would allow for a retest of the 114.44 recent low. Below 114.44 will target the 113.77 November 2016 low then 109.30 2016 low.”

“Dips should find initial support at 115.45, the 29th April low.”