fxpulsation
Posts : 8759
Join date : 2012-01-25
 |  Subject: EUR/JPY Daily Outlook  Wed Dec 12, 2012 11:51 am | |
| EUR/JPY Daily Outlook Daily Pivots: (S1) 106.70; (P) 107.06; (R1) 107.65; More EUR/JPY is staying in range below 107.95 and intraday bias remains neutral. More consolidations could still be seen but, retreat should be contained by 105.27 support and bring another rally. Above 107.95 will target 100% projection of 94.11 to 104.58 from 100.32 at 110.79 next, which is close to 111.43 key resistance. Though, break of 105.27 will dampen our bullish view and turn focus back to 100.32 key near term support instead. In the bigger picture, we're favoring the case that whole down trend from 169.96 (2008 high) has completed at 94.11 already, on bullish convergence condition in weekly MACD. The sustained break above 55 weeks EMA affirmed this view. Break of 111.43 resistance will confirm this bullish case and bring further medium term rise to 123.31 (38.2% retracement of 169.96 to 94.11 at 123.08) and above. And, we'd favor this bullish scenario as long as 100.32 support holds.  | |
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