fxpulsation
Posts : 8759
Join date : 2012-01-25
 |  Subject: EUR/JPY Daily Outlook  Wed Aug 21, 2013 9:47 am | |
|  EUR/JPY Daily Outlook Daily Pivots: (S1) 129.58; (P) 130.19; (R1) 131.09; More Intraday bias in EUR/JPY remains neural for the moment. Above 131.03 will bring another rise. Break of 131.96 should extend the choppy rebound from 124.95 to above 132.73. But we'd expect strong resistance below 133.80 to bring another fall to extend the consolidation from there. Meanwhile, below 129.28 minor support would bring deeper fall through 127.96 towards 124.95 support. In the bigger picture, current development argues that the medium term up trend from 94.11 has topped out at 133.80 on bearish divergence condition in daily MACD. Consolidation from there could extend with another fall to target 119.10 cluster support (38.2% retracement of 94.11 to 133.80 at 118.63). Strong support would be seen there, at least on initial attempt. But, break will target 61.8% retracement at 109.27. Nonetheless, considering the five wave structure of the rise from 94.11, we'd expect another medium term rally after completing the correction. | |
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