EUR/JPY Downside Still Favored - Mizuho

http://www.fxfxfx.com 2010-01-26 16:42:49

EUR/JPY slumped to a near nine-month low of 126.12 in Asia Tuesday and Mizuho Corporate Bank's Nicole Elliott looks for more downside ahead. She says moving averages have crossed to bearish and although the cross is very oversold, bearish momentum is now at its strongest since April '09. While keeping an eye out for the authorities she favors small shorts at market, adding at 128.00 with a stop above 128.55, looking for 126.15, 125.75 and 124.35 on the downside. EUR/JPY now at 127.10.

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