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 EUR/JPY Daily Outlook

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fxpulsation



Posts : 8759
Join date : 2012-01-25

PostSubject: EUR/JPY Daily Outlook   Fri Mar 07, 2014 8:33 am



EUR/JPY Daily Outlook

Daily Pivots: (S1) 141.25; (P) 142.08; (R1) 143.69; More...

EUR/JPY's rally continues to as high as 142.99 so far and intraday bias remains on the upside. Current rally from 138.78 should extend to 100% projection of 136.22 to 141.26 from 138.78 at 143.82. Break will target a test on 145.68 key resistance level. On the downside, below 141.11 minor support will turn bias neutral first. But near term outlook will stay mildly bullish as long as 138.78 support holds.

In the bigger picture, loss of upside momentum was seen in bearish divergence condition in daily and weekly MACD. However, EUR/JPY is so far holding above 135.50 key support. Thus, there is no confirmation of trend reversal yet. Break of 145.68 will extend the up trend from 94.11 towards 76.4% retracement of 169.96 to 94.11 at 152.59 before topping. Meanwhile, break of 135.50 will confirm reversal and target 124.95 support.
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