EUR/JPY: Rallies to fade circa 135.05 – Commerzbank

Dhwani Mehta FXStreet

Karen Jones, Analyst at Commerzbank, offers the key technical levels for trading EUR/JPY in the day ahead.

Key Quotes:

“EUR/JPY is bouncing from the 2017-18 support line at 133.12, which held the initial test. Currently, intraday Elliott wave counts are suggesting that rallies will fail circa 134.65/135.05.”

“Beyond a retracement, the recent rise above major resistance offered by 134.50/58 (high from November 2015 and also a double Fibonacci retracement) introduces scope for a test of the 2008-2018 downtrend at 140.20.“

“Below the 133.12 uptrend should be enough to re-target the 131.16 November low. Only a close below here would negate the up move and suggest losses to 128.50 and the 127.57 August low.”

Author

Dhwani Mehta

FXStreet

Residing in Mumbai (India), Dhwani is a Senior Analyst and Manager of the Asian session at FXStreet. She has over 10 years of experience in analyzing and covering the global financial markets, with specialization in Forex and commodities markets.

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