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EUR/JPY Daily Outlook
By ActionForexCurrenciesNov 23, 2011 05:41AM ET
www.investing.com/analysis/eur-jpy-daily-outlook-106530
EUR/JPY Daily Outlook
By ActionForex | Nov 23, 2011 05:41AM ET Daily Pivots: (S1) 103.63; (P) 103.99; (R1) 104.31;
EUR/JPY dips sharply in early European session but is still staying above 103.22 temporary low. Intraday bias remains neutral. As noted before, while another recovery cannot be ruled out yet, we'd expect upside to be limited by 106.45 resistance. 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.
EUR/JPY dips sharply in early European session but is still staying above 103.22 temporary low. Intraday bias remains neutral. As noted before, while another recovery cannot be ruled out yet, we'd expect upside to be limited by 106.45 resistance. 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.
eurjpy20111123a1
eurjpy20111123a2
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EUR/JPY Daily Outlook
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