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EUR/JPY Daily Outlook: February 21, 2012

ByActionForex
Published 02/21/2012, 06:38 AM
Updated 03/09/2019, 08:30 AM
EUR/JPY
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EUR/JPY Daily Outlook

Daily Pivots: (S1) 104.81; (P) 105.28; (R1) 105.90;

EUR/JPY's rally is still in progress and reaches as high as 105.96 so far today. Intraday bias remains on the upside and current rise could now extend towards 161.8% projection of 97.03 to 102.20 from 99.24 at 107.60. Note that the break of the falling trend line resistance (from 123.31) argues that recent fall is finished, with bullish convergence condition in daily MACD. Break of 107.60 will target 111.57 resistance. On the downside, below 104.65 minor support will turn bias neutral and bring consolidations. But another rise will remain in favor as long as 101.92 support holds.

In the bigger picture, at this point, there is no clear sign of trend reversal in EUR/JPY yet. Fall from 123.31, which is part of the down trend from 2008 high of 169.96 is still expected to continue after corrective rebound from 97.03 finishes. Next target is 100% projection of 139.21 to 105.42 from 123.31 at 89.52. But in that case, we'd anticipate strong support there to bring at least a rebound attempt, as it's close to 88.96 all time low. However, sustained trading above the above mentioned trend line will be the first signal of reversal on bullish convergence condition in daily MACD. Further break of 111.57 should confirm medium term bottoming and target 123.31 resistance and above.

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