Daily Pivots: (S1) 105.46; (P) 105.91; (R1) 106.47;
Intraday bias in EUR/JPY remains neutral for the moment and some more consolidations could be seen above 104.72 temporary low. But after all, we'll stay cautiously bearish with 108.24 resistance intact and expect fall from 111.57 to resume sooner or later. Below 104.72 will target will confirm that case that rebound from 100.74 has completed at 111.57 and should turn bias to the downside to retest 100.74 low. Nevertheless, break of 108.24 will dampen this bearish case and turn focus back to 111.57 resistance instead.
In the bigger picture, there is no signal of reversal yet with EUR/JPY staying below the falling 55 weeks EMA. Down trend from 2008 high of 169.96 is still in progress and should take out 100 psychological level eventually towards 100% projection of 139.21 to 105.42 from 123.31 at 89.52, which is close to 88.96 all time low. Though, sustained break of 55 weeks EMA (now at 111.86) will raise the odd of trend reversal and will turn focus back to 123.31 resistance for confirmation.
Intraday bias in EUR/JPY remains neutral for the moment and some more consolidations could be seen above 104.72 temporary low. But after all, we'll stay cautiously bearish with 108.24 resistance intact and expect fall from 111.57 to resume sooner or later. Below 104.72 will target will confirm that case that rebound from 100.74 has completed at 111.57 and should turn bias to the downside to retest 100.74 low. Nevertheless, break of 108.24 will dampen this bearish case and turn focus back to 111.57 resistance instead.
In the bigger picture, there is no signal of reversal yet with EUR/JPY staying below the falling 55 weeks EMA. Down trend from 2008 high of 169.96 is still in progress and should take out 100 psychological level eventually towards 100% projection of 139.21 to 105.42 from 123.31 at 89.52, which is close to 88.96 all time low. Though, sustained break of 55 weeks EMA (now at 111.86) will raise the odd of trend reversal and will turn focus back to 123.31 resistance for confirmation.