EUR/JPY Daily Outlook
Daily Pivots: (S1) 132.85; (P) 134.10; (R1) 134.86;
The strong break of 133.60 support turns intraday bias in EUR/JPY to the downside for 131.13 support. Break will be an early sign of larger reversal. In that case, a medium term top is possibly formed and deeper fall would be seen to 124.95 support and below. In case of another rally, we'd continue to expect strong resistance below 139.21 resistance to bring larger reversal eventually.
In the bigger picture, upside momentum in EUR/JPY remains rather unconvincing as seen in daily and weekly MACD. While further rally cannot be ruled out for the moment, the cross would likely face strong resistance from 139.21 and 61.8% retracement of 169.96 to 94.11 at 140.98. The up trend from 94.11 should be close to forming a medium term top and turn into consolidation. Break of 127.96 will confirm topping and should bring correction back to 119.10 support.
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EUR/JPY Currency Outlook: November 01, 2013
Published 11/01/2013, 06:14 AM
Updated 03/09/2019, 08:30 AM
EUR/JPY Currency Outlook: November 01, 2013
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