fxpulsation
Posts : 8759
Join date : 2012-01-25
 |  Subject: EUR/JPY Daily Outlook  Wed Mar 27, 2013 8:42 am | |
| EUR/JPY Daily Outlook Daily Pivots: (S1) 120.90; (P) 121.26; (R1) 121.82; More Outlook in EUR/JPY remains unchanged. Fall from 126.03 is still in progress and is viewed as the third leg of the consolidation pattern from 127.70. Deeper decline is expected to 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. 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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