Daily Pivots: (S1) 102.48; (P) 102.86; (R1) 103.24;
Intraday bias in EUR/JPY is neutral for the moment and some consolidations could be see above 102.48 temporary low. But still, near term outlook will remain cautiously bearish as long as 104.35 minor resistance holds, Below 102.48 will extend the fall from 111.57 to retest 100.74 support. Break will target 61.8% projection of 123.31 to 100.74 from 111.57 at 97.62. Nonetheless, break of 104.35 will dampen this bearish view and would flip bias back to the upside to extend the consolidation/correction from 100.74.
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 111.28) will raise the odd of trend reversal and will turn focus back to 123.31 resistance for confirmation.
Intraday bias in EUR/JPY is neutral for the moment and some consolidations could be see above 102.48 temporary low. But still, near term outlook will remain cautiously bearish as long as 104.35 minor resistance holds, Below 102.48 will extend the fall from 111.57 to retest 100.74 support. Break will target 61.8% projection of 123.31 to 100.74 from 111.57 at 97.62. Nonetheless, break of 104.35 will dampen this bearish view and would flip bias back to the upside to extend the consolidation/correction from 100.74.
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 111.28) will raise the odd of trend reversal and will turn focus back to 123.31 resistance for confirmation.