EUR/JPY: Failed on the initial test of the short-term downtrend – Commerzbank

FXStreet Team FXStreet

EUR/JPY has failed on the initial test of its short term downtrend at 116.62, Karen Jones, Team Head FICC Technical Analysis Research at Commerzbank, reports.

Key quotes

“The intraday Elliott wave counts are negative and we would allow for a retest of the 114.44 recent low. Below 114.44 will target the 113.77 November 2016 low then 109.30 2016 low.”

“Dips should find initial support at 115.45, the 29th April low.”

Author

FXStreet Team

FXStreet

EUR/USD trims gains, back below 1.1800

EUR/USD now loses some upside momentum, returning to the area below the 1.1800 support as the Greenback manages to regain some composure following the SCOTUS-led pullback earlier in the session.

GBP/USD off highs, recedes to the sub-1.3500 area

Following earlier highs north of 1.3500 the figure, GBP/USD now faces some renewed downside pressure, revisiting the 1.3490 zone as the US Dollar manages to regain some upside impulse in the latter part of the NA session on Friday.

Gold climbs to weekly tops, approaches $5,100/oz

Gold keeps the bid tone well in place at the end of the week, now hitting fresh weekly highs and retargeting the key $5,100 mark per troy ounce. The move higher in the yellow metal comes in response to ongoing geopolitical tensions in the Middle East and modest losses in the US Dollar.