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Commerzbank: EUR/JPY could dip lower

According to analysts at Commerzbank, the Elliot wave count on the daily chart suggests a deeper pullback in EUR/JPY. The cross could dip to the 139.10/138.50 area in the near term before resuming growth. 

On the upside, the recent move above 141.20 has paved the ground for a rally to 141.90 and 143.55 (61.8% and 78.6% Fibo from the 2014 move). The longer-term target lies at 145.70 (December 2013 high).

Chart. Daily EUR/JPY

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