EUR/JPY Daily Outlook
Daily Pivots: (S1) 123.41; (P) 124.34; (R1) 125.79; More
EUR/JPY's consolidation pattern from 127.70 might extend further and intraday bias remains neutral first. In case of another fall, downside should be contained above 117.04 (38.2% retracement of 100.32 to 127.70 at 117.24) and bring rebound. Recent rally is expected to resume later and break of 127.70 will confirm rise resumption for 130 psychological level.
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.