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22 May 2013
EUR/JPY – sildelined - Commerzbank
FXstreet.com (London) - Analyst, Axel Rudolph at Commerzbank noted that the EUR/JPY cross has spent over a week sidelined just above its triangle, saying that the divergence of the daily RSI suggests a loss of immediate upside momentum and should provoke a small retracement near term.
He explains that the previous resistance at 131.12/130.73 (April highs) offers near term support and provided dips hold above 130.42 (triangle base), an upside bias will remain. His team's slightly longer term target remains 136.71, the upside measurement from a wedge which completed back in November 2012, being the measurement higher from the triangle is 137.24. He said that below 130.42 support is seen at 127.07 ahead of 125.45/03, the low from mid-April and the seven month uptrend line.
He explains that the previous resistance at 131.12/130.73 (April highs) offers near term support and provided dips hold above 130.42 (triangle base), an upside bias will remain. His team's slightly longer term target remains 136.71, the upside measurement from a wedge which completed back in November 2012, being the measurement higher from the triangle is 137.24. He said that below 130.42 support is seen at 127.07 ahead of 125.45/03, the low from mid-April and the seven month uptrend line.