Daily Pivots: (S1) 103.22; (P) 103.81; (R1) 104.48;
Intraday bias in EUR/JPY remains neural for the moment and some more sideway trading might be seen. But still, we're favoring the case that corrective recovery from 102.48 is finished at 105.54 and recent decline from 111.57 is ready to resume. Below 103.00 will flip bias to the downside. Further break of 102.48 will confirm the bearish case and target a test on 100.74 low first. However, above 104.51 will delay the bearish case and extend the consolidation pattern from 102.48 with another rise through 105.54 before fall resumption.
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 111.04) will raise the odd of trend reversal and will turn focus back to 123.31 resistance for confirmation.
Intraday bias in EUR/JPY remains neural for the moment and some more sideway trading might be seen. But still, we're favoring the case that corrective recovery from 102.48 is finished at 105.54 and recent decline from 111.57 is ready to resume. Below 103.00 will flip bias to the downside. Further break of 102.48 will confirm the bearish case and target a test on 100.74 low first. However, above 104.51 will delay the bearish case and extend the consolidation pattern from 102.48 with another rise through 105.54 before fall resumption.
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 111.04) will raise the odd of trend reversal and will turn focus back to 123.31 resistance for confirmation.