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EUR/JPY still capped at 138.14 – Commerzbank

FXStreet (Edinburgh) - Karen Jones, Head of FICC Technical Analysis at Commerzbank, sees the likelihood of a rebound near term.

Key Quotes

EUR/JPY has again sold off. It is holding the base of a 3 month down channel at 135.62”.

“We suspect that it will bounce near term, but remain capped by the top of its 3 month channel at 138.14”.

“Targets are the October 2013 high en route to the 133.50/23.6% retracement of the entire move from 2012-2013”.

“Our longer term target is 130.00. Above 138.14, key resistance at 140.00/45, the 2014 downtrend”.

United Kingdom Total Trade Balance: £-2.459B (June) vs previous £-2.364B

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