3 Nov 2015
EUR/JPY could find resistance around 133.40/134.00 – Commerzbank
FXStreet (Edinburgh) - In the opinion of Axel Rudolph, Senior Technical Analysis at Commerzbank, the upside in the cross could struggle around the 133.40/134.00 area.
Key Quotes
“EUR/JPY has held the initial test of the 131.80/61.8% retracement of the move up from April, and we note the divergence of the daily RSI”.
“The rebound from here is viewed as corrective and intraday rallies are indicated to now struggle 133.40/134.00. Below 131.59 targets 127.91, the 2013-2015 support line”.
“Above 134.00 we find the previous six month uptrend, which should now act as initial resistance at 134.63”.
Key Quotes
“EUR/JPY has held the initial test of the 131.80/61.8% retracement of the move up from April, and we note the divergence of the daily RSI”.
“The rebound from here is viewed as corrective and intraday rallies are indicated to now struggle 133.40/134.00. Below 131.59 targets 127.91, the 2013-2015 support line”.
“Above 134.00 we find the previous six month uptrend, which should now act as initial resistance at 134.63”.