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Forex Flash: EUR/JPY correcting lower, reinstate longs at 115.50 - Commerzbank

By FXstreet.com,  January 16, 2013, 05:23:00 AM EDT

FXstreet.com (Barcelona) - The EUR/JPY is correcting lower as expected and predicted by technical indicators. "Dips lower will find initial support at 116.00, the 2nd January high ahead of 113.45, the 2 month uptrend. The 200 week ma is also found at 114.90", wrote analyst Karen Jones, expecting the cross to pick up eventually and rise towards the 123.00/33 2011 high and 38.2% retracement of the move down from 2008. "Interim resistance is 121.55, the 61.8% retracement of the move down from the end of 2009", Jones added, planning to reinstate longs at 115.50 and add on dips to 114.90 (stop at 113.25).




The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of The NASDAQ OMX Group, Inc.


This article appears in: Investing, Forex and Currencies

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