EUR/JPY offered sub-115.61 – Commerzbank

The cross is expected to remain offered while trading below the 115.60 area, suggested Karen Jones, Head of FICC Technical Analysis at Commerzbank.

Key Quotes

“EUR/JPY spent last week correcting higher near term. It is directly offered below the 115.51 16th June low. The intraday Elliott wave is suggesting that the rally will fail circa 114.80 We look for a retest of the 109.30 spike low”.

“The next major support of note below here is 106.00, the 78.6% retracement of the move 2012 to 2014 and we now have to assume that a slide back to here is on the cards. The August 2010 low at 105.44 is also found here. This is the last defence for the 94.12 July 2012 low”.