fxpulsation
Posts : 8759 Join date : 2012-01-25
| Subject: EUR/JPY Daily Outlook Wed Jan 09, 2013 11:31 am | |
| EUR/JPY Daily Outlook Daily Pivots: (S1) 113.22; (P) 114.23; (R1) 114.82; More EUR/JPY's consolidative trading from 115.98 is still in progress and intraday bias remains neutral. Recent rally should resume sooner rather than later as long as 113.18 minor support holds. Above 115.98 will target 161.8% projection of 94.11 to 104.58 from 100.32 at 117.26 next. Break should send EUR/JPY through 120 psychological level towards next medium term fibo level at 123.08. Though, below 113.18 minor support would indicates short term topping and bring deeper pull back, possibly back towards 110 psychological level before staging another rally. In the bigger picture, the strong break of 111.43 resistance should have confirmed long term trend reversal in EUR/JPY. That is, whole down trend from 169.96 (2008 high) has completed at 94.11 already, on bullish convergence condition in weekly MACD. A medium term rally is now expected that heads back to 123.31 (38.2% retracement of 169.96 to 94.11 at 123.08) and above. And, we'll stay bullish as long as 104.58 resistance turned support holds. | |
|