EUR/JPY: an extension towards the 61.8% retracement at 128.04 is possible - Commerzbank
|Analysts at Commerzbank note that EUR/JPY continues to attempt to stabilise at the 50% retracement, (Aug lows to Sep highs), at 129.01 and suspect that the correction lower is ending.
Key Quotes:
"We remain unable to rule out an extension towards the 61.8% retracement at 128.04. We note however that the Elliot wave count is suggesting that this is the end of the corrective phase."
"This should hold in this vicinity for signs of recovery towards 133.13/48. Rallies will find initial resistance at 130.79/131.19, the 200 and 20 day moving averages."
"These guard 133.13/48, the highs since April. Above 133.48 lies the 135.24 1979-2018 downtrend line. Still further up sit the 137.51 2018 high and the 137.87 2008-2018 resistance line."
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