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31 Mar 2015
EUR/JPY: Odds in favor of a much deeper setback - JPMorgan
FXStreet (Bali) - Thomas Anthonj, FX Strategist at JP Morgan, sees the odds in favor of a much deeper setback to 121.94 in EUR/JPY.
Key Quotes
"The situation in EUR/JPY we still see the odds in favor of a much deeper setback to 121.94 (50 % on higher scale), but that we can’t exclude another attempt to reach higher grounds first yet."
"That said the door for an extension to the key-T-junction at 134.67 (int. 38.2 %) remains open as long as 128.37/01 (pivot/minor 76.4 %) is not broken decisively on hourly close (i.e. below 127.75)."
"If such a break is displayed though, we'd look for a straight extension to 121.94 and possibly to 118.73 (February 13 low)."
"To on the other hand brighten the negative picture a bit in favor of a much broader recovery to 138.34 and possibly to 144.38 (50/76.4 % on higher scales) it would take decisive break above 134.67 (i.e. an hourly close above 135.00)."
Key Quotes
"The situation in EUR/JPY we still see the odds in favor of a much deeper setback to 121.94 (50 % on higher scale), but that we can’t exclude another attempt to reach higher grounds first yet."
"That said the door for an extension to the key-T-junction at 134.67 (int. 38.2 %) remains open as long as 128.37/01 (pivot/minor 76.4 %) is not broken decisively on hourly close (i.e. below 127.75)."
"If such a break is displayed though, we'd look for a straight extension to 121.94 and possibly to 118.73 (February 13 low)."
"To on the other hand brighten the negative picture a bit in favor of a much broader recovery to 138.34 and possibly to 144.38 (50/76.4 % on higher scales) it would take decisive break above 134.67 (i.e. an hourly close above 135.00)."