EUR/JPY keeps the upside bias above 135.05 – Commerzbank

FXStreet (Edinburgh) - In the opinion of Karen Jones, Head of FICC Technical Analysis at Commerzbank, the cross would cling to its upside stance while above the 135.05 level (3-month uptrend).

Key Quotes

“EUR/JPY is struggling to clear the 200 day ma at 137.11”.

“It continues to hold over the 3 month uptrend at 135.05, and while it does so an upside bias remains for break above the 200 day ma”.

“This will introduce scope to the 140.70/141.06 recent highs, which are again expected to act as tough resistance for the market”.

“Currently the Elliott wave count on the daily chart is suggesting that the market will fail in this vicinity”.

“Below the 135.05 uptrend, Key support lies at 133.57/10, the lows since May”.