EUR/JPY faces initial resistance at 131.08/36 – Commerzbank

Karen Jones, Team Head FICC Technical Analysis Research, noted that EUR/JPY is expected to meet initial resistance at 131.08 ahead of 131.36.

Key Quotes

“No change. EUR/JPY is side lined, it continues to hold over the March lows at 128.30/20 and the 200-day ma at 128.62. Currently the Elliott wave count is implying a rebound to 130.70/131.15 ahead of failure. However should this rebound manage to regain the 50% retracement at 131.36 we will start to pay more attention to the upside.”

“Below the 200-day ma lies the 55-week ma at 127.54.”

“Initial resistance is seen at the 131.08 the 13th July high and the 50% retracement at 131.36. This guards 132.69/73, the mid-June highs.”