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16 May 2014
EUR/JPY remains negative below 140.95 – Commerzbank
FXStreet (Edinburgh) - According to Axel Rudolph, Senior Technical Analyst at Commerzbank, the EUR/JPY would keep the bearish stance as long as capped by 140.95.
Key Quotes
“Resistance is offered initially by the 50% retracement and mid-April low at 140.02/24. Above it the 140.30/46 zone, made up of the February 11 high and March 14 and 21 lows, is to be seen. Further resistance is at the 38.2% Fibonacci retracement at 140.91 and also along the 55 day moving average at 141.35”.
“While the currency pair stays below its 140.95 May 13 high, we will stick to our negative outlook”.
Key Quotes
“Resistance is offered initially by the 50% retracement and mid-April low at 140.02/24. Above it the 140.30/46 zone, made up of the February 11 high and March 14 and 21 lows, is to be seen. Further resistance is at the 38.2% Fibonacci retracement at 140.91 and also along the 55 day moving average at 141.35”.
“While the currency pair stays below its 140.95 May 13 high, we will stick to our negative outlook”.