EUR/JPY upside expected to fail at 129.35 – Commerzbank

In view of Karen Jones, Head of FICC Technical Analysis at Commerzbank, occasional up moves in the cross could struggle around 129.30.

Key Quotes

“EUR/JPY is easing lower very near term and will shortly reach the short term uptrend currently at 126.21”.

“The daily Elliott wave count is suggesting that dips will hold 125.60 and the market holds scope for key resistance which is the 129.35 2014-16 downtrend line, where it is expected to fail”.

“Only a close above here would negate recent down move that has been seen throughout 2015 and so far in 2016”.