EUR/JPY falls sharply to as low as 105.52 so far today and the break of 106.49 support indicates that decline from 111.57 has resumed. Intraday bias is on the downside for 104.74 support first. Break twill confirm that rebound from 100.74 has completed at 111.57. Also, this will suggest that the larger down trend is resuming for another low below 100.74. On the upside, break of 108.24 resistances is needed to signal completion of fall from 111.57. Otherwise, near term outlook will remain cautiously bearish.
In the bigger picture, while the rebound from 100.74 was strong, there is no signal of completion of down trend from 2008 high of 169.96 yet. Also such rebound is so far corrective looking and affirm the medium term bearish case. We'd continue to favor more downside in EUR/JPY for an eventual break of 100 psychological level towards 100% projection of 139.21 to 105.42 from 123.31 at 89.52, which is close to 88.96 all time low. However, sustained break of 55 weeks EMA (now at 112.25) will raise the odd of trend reversal and will turn focus back to 123.31 resistance for confirmation.
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EUR/JPY Mid-Day Outlook
Published 11/09/2011, 12:26 AM
Updated 03/09/2019, 08:30 AM
EUR/JPY Mid-Day Outlook
Daily Pivots: (S1) 107.20; (P) 107.42; (R1) 107.73;
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