EUR/JPY Daily Outlook

EUR/JPY Daily Outlook

Daily Pivots: (S1) 117.93; (P) 119.27; (R1) 121.53; More

EUR/JPY's break of 120.12 indicates that recent rally has resumed and intraday bias is back on the upside. Current rally should now extend to next medium term fibo level at 123.08. On the downside, break of 116.46 support is needed to signal short term topping. Otherwise, outlook will remain bullish even in case of retreat.

In the bigger picture, whole down trend from 169.96 (2008 high) has completed at 94.11 already, on bullish convergence condition in weekly MACD. A medium term rally is now expected that heads back to 123.31 (38.2% retracement of 169.96 to 94.11 at 123.08) first. Break will target 61.8% retracement at 140.98. And, we'll stay bullish as long as 104.58 resistance turned support holds.