EUR/JPY: Bears looking for 200m MA - CB

FXStreet (Guatemala) - Karen Jones, chief analyst at Commerzbank noted that the EUR/JPY has eroded its initial Fibonacci resistance at 134.80.

Key Quotes:

"Near term strength is viewed as corrective only, however above 134.85 will allow for a deeper retracement into the 136.56/138.57 band."

"The corrective move higher should falter ahead of the 200 day moving average at 139.79."

"Slightly longer term we continue to look for losses to 128.52/34, the 200
month moving average and 38.2% retracement of the move up from 2012. We note the divergence of the daily RSI."