fxpulsation
Posts : 8759
Join date : 2012-01-25
 |  Subject: EUR/JPY Daily Outlook  Tue Mar 19, 2013 9:29 am | |
| EUR/JPY Daily Outlook Daily Pivots: (S1) 121.96; (P) 122.95; (R1) 124.34; More EUR/JPY recovers strongly after dipping to 121.63. But another fall is still in favor in near term. Fall from 126.03 is viewed as the third leg of the consolidation pattern from 127.70 and below 121.63 will target 118.71 support and below. Though, at this point, we'd expect strong support from 117.04 (38.2% retracement of 100.32 to 127.70 at 117.24) to complete the consolidation and bring rally resumption eventually. 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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