Daily Pivots: (S1) 102.99; (P) 103.60; (R1) 104.21;
As noted before, EUR/JPY's recovery from 102.48 should have finished at 105.54. Intraday bias remains on the downside for 102.48 support. Break will confirm resumption of whole decline from 111.57 and should target a test on 100.74 low next. On the upside, though, above 104.51 minor resistance will dampen this immediate bearish view and extend the recovery from 102.48 instead.
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.
As noted before, EUR/JPY's recovery from 102.48 should have finished at 105.54. Intraday bias remains on the downside for 102.48 support. Break will confirm resumption of whole decline from 111.57 and should target a test on 100.74 low next. On the upside, though, above 104.51 minor resistance will dampen this immediate bearish view and extend the recovery from 102.48 instead.
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.