fxpulsation
Posts : 8759
Join date : 2012-01-25
 |  Subject: EUR/JPY Daily Outlook  Tue Nov 20, 2012 10:59 am | |
| EUR/JPY Daily Outlook Daily Pivots: (S1) 103.77; (P) 104.05; (R1) 104.58; More EUR/JPY edged higher again to 104.32 but upside momentum remains unconvincing. Intraday bias stays neutral first. On the downside, below 103.04 will bring deeper retreat but downside should be contained well above 100.32 support and bring another rise. Meanwhile,, sustained break of 104.58 resistance will confirm resumption of whole rally from 94.11 and should target 61.8% projection of 94.11 to 104.58 from 100.32 at 106.79 next. 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. Break of 111.43 resistance will confirm this bullish case and bring further medium term rise to 123.31 and above (38.2% retracement of 169.96 to 94.11 at 123.08). And, we'd favor this bullish scenario as long as 100.14 support holds. Though, considering that EUR/JPY can't take out 55 weeks EMA decisively yet, break of 100.14 will favor another low below 94.11 instead.  | |
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