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11 Apr 2013
Forex Flash: EUR/JPY potential climb to 136.71 long term – Commerzbank
FXstreet.com (Barcelona) - The pair is consolidating the recent advance above the key 130.00 figure on Thursday, fuelled by the contrasting forces from the yen and the single currency, both gaining traction since last week’s announcments by BoJ’s Kuroda.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, comments that technical indicators would suggest a retracement prior to resume the upside. “We note the 13 count on the 240 minute chart and currently we would allow for a 128.40/127.10 retracement ahead of further topside gains. Our longer-term target is 136.71 (upside measurement from a wedge)”, concludes Jones.
Karen Jones, Head of FICC Technical Analysis at Commerzbank, comments that technical indicators would suggest a retracement prior to resume the upside. “We note the 13 count on the 240 minute chart and currently we would allow for a 128.40/127.10 retracement ahead of further topside gains. Our longer-term target is 136.71 (upside measurement from a wedge)”, concludes Jones.