Analysts at Commerzbank explained that EUR/JPY continues to correct higher near-term.
Key Quotes:
“We would allow for a move to the 55-day ma at 128.95.”
“The daily Elliott wave count is indicating a likely 128.70 correction prior to the next down leg. Resistance comes in at the 128.95/129.35 early and late March lows.”
“Were support at 124.91/62 to give way, the area between the December 2016 high and the June 2017 low at 124.09/122.40 could be reached.”
“Only a rise above the July high at 131.98 would re-instate a bullish view and lead to the April peak at 133.48 being reached.”
“Short Term Trend (1-3 weeks): Is sliding towards the May low at 124.62 around which it is likely to at least short-term stabilize. Long term trend (1-3 months): While the May low at 124.62 underpins, the July peak at 131.98 could be revisited with the 137.51 2018 high then being in focus. Failure at 124.62 would lead to the 120.00 region being eyed.”
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