Daily Pivots: (S1) 103.33; (P) 103.86; (R1) 104.30;
Intraday bias in EUR/JPY is neutral for the moment as consolidation from 102.48 continues. As noted before, a short term bottom is in place with bullish convergence condition in 4 hours MACD. Thus, another rise is mildly in favor to 55 days EMA (now at 105.74). Break will target a test on 111.57 resistance. Nonetheless, though, below 102.48 will extend the fall from 111.57 to retest 100.74 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 111.28) 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 as consolidation from 102.48 continues. As noted before, a short term bottom is in place with bullish convergence condition in 4 hours MACD. Thus, another rise is mildly in favor to 55 days EMA (now at 105.74). Break will target a test on 111.57 resistance. Nonetheless, though, below 102.48 will extend the fall from 111.57 to retest 100.74 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 111.28) will raise the odd of trend reversal and will turn focus back to 123.31 resistance for confirmation.