EUR/JPY rises sharply to as high as 111.57 so far today on intervention. 38.2% retracement of 123.31 to 100.74 at 109.36 is already broken and further rally should now be seen to 111.93 cluster resistance (50% retracement of 123.31 to 100.74 112.02). At this point, it's now doubtful whether this cluster resistance would hold and break there will now pave the way to 61.8% retracement at 114.68 and above. On the downside, in case of retreat, we'd expect strong support from 108.13 to contain downside and bring at least another rise.
In the bigger picture, the strong rebound from 100.74 now argues that fall from 123.31 is finished already. But there is still no clear indication of completion of down trend from 2008 high of 169.96. Current rebound should face strong resistance even if it manages to extend towards 123.31 key resistance. And at this point, we'd continue to favor an eventual break of 100 psychological level. Though, we'll adjust our view after confirming the eventual structure of the rebound from 100.74.
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EUR/JPY Daily Outlook
Published 10/31/2011, 04:51 AM
Updated 03/09/2019, 08:30 AM
EUR/JPY Daily Outlook
Daily Pivots: (S1) 106.97; (P) 107.42; (R1) 107.77;
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