fxpulsation
Posts : 8759 Join date : 2012-01-25
| Subject: EUR/JPY Daily Outlook Thu Mar 07, 2013 11:37 am | |
| EUR/JPY Daily Outlook Daily Pivots: (S1) 121.55; (P) 121.91; (R1) 122.34; More At this point, EUR/JPY is staying below 122.25 minor resistance and outlook remains unchanged. Correction from 127.70 could extend lower. But we'd expect downside to be contained by 117.04 (38.2% retracement of 100.32 to 127.70 at 117.24) and bring rebound. Meanwhile, above 122.25 will flip bias back to the upside for retesting 127.70 high instead. However, note that break of 117.04 would trigger deeper pull back to 50% retracement at 114.01 and below. 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. Rise from there isn't finished yet and is expected to continue to 50% retracement of 169.96 to 94.11 at 132.03 next. Eventually, such rise would likely extend to 139.21 resistance and above. And, we'll stay bullish as long as 111.43 resistance turned support holds. | |
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