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Forex Flash: EUR/JPY corrective near term - Commerzbank

By FXstreet.com,  January 04, 2013, 03:30:00 AM EDT

FXstreet.com (Barcelona) - Commerzbank analysts see the EUR/JPY as corrective near term, with the recent high and a divergence of the daily RSI suggest a loss of upside momentum for now. "The market has recently reached its 114.93 200 week moving average", wrote analyst Karen Jones. "This is a key juncture on the chart as well as a medium term upside objective and we would not be surprised to see some consolidation in this zone", Jones added, pointing to interim support at 111.43/57 (October 2011 high and the March 2012 high) ahead of the 111.16 short term uptrend.

"Longer term the falling wedge pattern offers an upside measured target to 136.71, however there are a number of objectives en route and a weekly close above 114.93 will see the 116.71/50% retracement of the move down from 2009 engage en route to the 117.90 June 2011 high and the 123.33 2011 high itself", concluded the Commerzbank analyst.




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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