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EUR/JPY Daily Outlook

ByActionForex
Published 11/02/2011, 05:21 AM
Updated 03/09/2019, 08:30 AM
EUR/JPY
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Daily Pivots: (S1) 106.15; (P) 107.70; (R1) 108.91;

With 109.24 minor resistance intact, EUR/JPY's fall from 111.57 could extend lower and focus remains on 104.73 support. Break there will indicate that whole rebound from 100.74 is finished and turn outlook bearish for retesting this low. On the upside, above 109.24 minor resistance will flip bias back to the upside for 111.57 instead. Break there should resume the whole rebound from 100.74 and bring another rise through 111.93 cluster resistance (50% retracement of 123.31 to 100.74 112.02) to 61.8% retracement at 114.68.

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.

Please see the attached chart below.

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