Daily Pivots: (S1) 103.27; (P) 103.72; (R1) 104.03;
Intraday bias in EUR/JPY remains neutral for the moment and more consolidations could be seen above 103.40 temporary low. But note that another fall is still expected with 106.45 resistance intact. Below 103.40 will extend the decline from111.57 to retest 100.74 low first. Break will confirm resumption of whole decline from 123.31 and should target 61.8% projection of 123.31 to 100.74 from 111.57 at 97.62 next.
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 more consolidations could be seen above 103.40 temporary low. But note that another fall is still expected with 106.45 resistance intact. Below 103.40 will extend the decline from111.57 to retest 100.74 low first. Break will confirm resumption of whole decline from 123.31 and should target 61.8% projection of 123.31 to 100.74 from 111.57 at 97.62 next.
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.