EUR/JPY Daily Outlook
Daily Pivots: (S1) 123.01; (P) 124.29; (R1) 125.15; More
Intraday bias in EUR/JPY is mildly on the downside and correction from 127.70 could extend lower to 120.70 resistance turned support and possibly below. But we'd expect strong support form 117.04 (38.2% retracement of 100.32 to 127.70 at 117.24) to contain downside and bring rebound. Recent up trend from 94.11 is still expected to continue for 130 psychological level after completing the correction.
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. 123.31 (38.2% retracement of 169.96 to 94.11 at 123.08) is already met. Sustained trading above this level will target 61.8% retracement at 140.98. And, we'll stay bullish as long as 111.43 resistance turned support holds.