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Forex Flash: EUR/JPY with support for dips at 111.43/57 – Commerzbank

By FXstreet.com,  January 07, 2013, 03:55:00 AM EDT

FXstreet.com (Barcelona) -
Commerzbank analysts see the EUR/JPY as corrective near term as the "recent high was accompanied by a divergence of the daily RSI and this suggests a loss of upside momentum for now". The 200-week moving average, at 114.88. 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", wrote analyst Karen Jones, pointing to support for dips at 111.43/57 (October 2011 high, March 2012 high and the 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 close above 116.00 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", Jones added.




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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