fxpulsation
Posts : 8759
Join date : 2012-01-25
 |  Subject: EUR/JPY Daily Outlook  Wed Dec 05, 2012 11:44 am | |
| EUR/JPY Daily Outlook Daily Pivots: (S1) 106.98; (P) 107.18; (R1) 107.45; More EUR/JPY is picking up momentum again and soars to as high as 107.95 so far today. Intraday bias remains on the upside and current rise from 100.32, which is part of the rally from 94.11, should target 100% projection of 94.11 to 104.58 from 100.32 at 110.79 next, which is close to 111.43 key resistance. On the downside, below 106.85 minor support will turn bias neutral and bring retreat. But downside should be contained by 105.27 support and bring rally resumption. 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. The sustained break above 55 weeks EMA affirmed this view. Break of 111.43 resistance will confirm this bullish case and bring further medium term rise to 123.31 (38.2% retracement of 169.96 to 94.11 at 123.08) and above. And, we'd favor this bullish scenario as long as 100.32 support holds.  | |
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