EUR/JPY points higher near-term – Commerzbank

By FXStreet FXStreet (Edinburgh) – Karen Jones, Head of FICC Technical Analysis at Commerzbank, sees the possibility of the cross to squeeze higher in the near term.

Key Quotes

“EUR/JPY‘s new low of 130.66 was accompanied by a divergence of the daily RSI – this reflects a loss of upside momentum and we will for now exit our shorts”.

“We suspect that we will see a correction higher near term, we notice that the daily and intraday Elliott wave counts are indicating this was the end of the down move”.

“Immediate resistance lies 133.18/45, where the late September and early October lows were made. Initial resistance is the 132.45 20 day ma”.
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Source:: FX Street