Daily Pivots: (S1) 103.55; (P) 104.14; (R1) 104.95;
EUR/JPY's recovery from 102.48 short term bottom resumed after brief consolidation is edges higher to 104.72 so far. Intraday bias is back on the upside for 55 days EMA (now at 105.64) first. Break will target a test on 111.57 resistance. However, below 103.33 minor support will indicate that such recovery is finished and will flip bias back to the downside for 102.48, possibly further to retest 100.74 low.
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.
EUR/JPY's recovery from 102.48 short term bottom resumed after brief consolidation is edges higher to 104.72 so far. Intraday bias is back on the upside for 55 days EMA (now at 105.64) first. Break will target a test on 111.57 resistance. However, below 103.33 minor support will indicate that such recovery is finished and will flip bias back to the downside for 102.48, possibly further to retest 100.74 low.
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.