fxpulsation
Posts : 8759 Join date : 2012-01-25
| Subject: EUR/JPY Daily Outlook Fri May 03, 2013 8:31 am | |
| EUR/JPY Daily Outlook Daily Pivots: (S1) 126.99; (P) 128.45; (R1) 129.39; More Intraday bias in EUR/JPY is turned neutral for the moment. Consolidation from 131.12 might extend and below 127.05 will bring another decline. But in that case, downside is expected to be contained by 123.86 support and bring rebound. Eventually, an upside breakout is expected and above 131.12 will resume whole rally from 94.11. 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. Break of 119.10 support is needed to be the first sign of medium term topping. Otherwise, outlook will stay bullish. | |
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