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EUR/JPY Daily Outlook

ByActionForex
Published 11/22/2011, 02:42 AM
Updated 03/09/2019, 08:30 AM
EUR/JPY
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Daily Pivots: (S1) 103.22; (P) 103.71; (R1) 104.21;

Despite dipping briefly to 103.22, EUR/JPY quickly recovered back with 4 hours MACD staying above signal line. Intraday bias remains neutral for more consolidative trading. Though, firstly, upside of recovery should be limited by 106.45 resistance. Secondly, below 103.22 should extend the fall from 111.57 to retest 100.74 low. 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 111.56) will raise the odd of trend reversal and will turn focus back to 123.31 resistance for confirmation.

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