7 Apr 2015
EUR/JPY heading back towards 131.52/132.00 resistance zone – Commerzbank
FXStreet (Barcelona) - Axel Rudolph, Analyst at Commerzbank, views that downside pressure might be seen on EUR/JPY as long as the pair remains capped by the resistance area at 131.52/132.00.
Key Quotes
“EUR/JPY continues to bounce off its current April low at 128.40 and nears the March 24 high at 131.52. Above it the March 18 high at 131.67 and the February low at 132.00 remain to be seen. As long as this resistance area caps on a daily chart closing basis, renewed downside pressure should be seen.”
“Below 128.40 lies the 126.91 March low which is regarded as the break down point to the June 2013 low at 124.24 en route to the 122.65/121.95 200 week moving average and 50% retracement.”
“A currently unexpected rise and daily chart close above the 132.00 February high would lead to the 55 day moving average at 132.45 being targeted next.”
Key Quotes
“EUR/JPY continues to bounce off its current April low at 128.40 and nears the March 24 high at 131.52. Above it the March 18 high at 131.67 and the February low at 132.00 remain to be seen. As long as this resistance area caps on a daily chart closing basis, renewed downside pressure should be seen.”
“Below 128.40 lies the 126.91 March low which is regarded as the break down point to the June 2013 low at 124.24 en route to the 122.65/121.95 200 week moving average and 50% retracement.”
“A currently unexpected rise and daily chart close above the 132.00 February high would lead to the 55 day moving average at 132.45 being targeted next.”