fxpulsation
Posts : 8759 Join date : 2012-01-25
| Subject: EUR/JPY Daily Outlook Mon Mar 25, 2013 11:55 am | |
| EUR/JPY Daily Outlook Daily Pivots: (S1) 121.62; (P) 122.54; (R1) 123.61; More EUR/JPY recovers as the week stays but is staying in tight range so far and outlook is unchanged. Fall from 126.03 is viewed as the third leg of the consolidation pattern from 127.70 and deeper decline is expected. Below 121.44 will target 118.71 support and below. However, in that case, we'd expect downside to be contained by 117.04 (38.2% retracement of 100.32 to 127.70 at 117.24) to complete the consolidation. Above 126.03 will turn focus back to 127.70 instead. 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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