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EUR/JPY Daily Outlook: February 9, 2012

ByActionForex
Published 02/09/2012, 05:28 AM
Updated 03/09/2019, 08:30 AM
EUR/JPY
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EUR/JPY Daily Outlook

Daily Pivots: (S1) 101.72; (P) 102.08; (R1) 102.51;

EUR/JPY's rally resumed after brief consolidations and reaches as high as 102.77 so far today. Intraday bias remains on the upside for the moment. Current rally from 97.03 is expected to continue towards 100% projection of 97.03 to 102.20 from 99.24 at 104.41. On the downside, below 101.65 minor support will turn bias neutral first. But near term outlook will remain cautiously bullish as long as 99.24 support holds.

In the bigger picture, fall from 123.31 is part of the down trend from 2008 high of 169.96 and should target 100% projection of 139.21 to 105.42 from 123.31 at 89.52. At this point, we'd anticipate strong support there to bring at least a rebound attempt, as it's close to 88.96 all time low as well as100% projection of 123.31 to 100.74 from 111.57 at 89.00. Though, a break of 111.57 resistance is needed to be the first signal of medium term reversal. Otherwise, we'll continue to stay bearish in the cross even in case of rebound.

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