Commerzbank: bearish on EUR/JPY
Analysts at Commerzbank say that the prospects for EUR/JPY are still negative and will remain so as long as the pair’s trading below 139.18/20. The specialists point out that EUR/JPY came under pressure on Monday after failing to break above the 200-day MA, which is currently located at 139.13.
According to the bank, upward corrective wave ended at 139.27 on July 3. The specialists expect EUR/JPY to fall to 137.70 (June 16 low) and 136.25 (February low).
Chart. Daily EUR/JPY