Investing.com - Financial Markets Worldwide

EUR/JPY Weekly Outlook: February 12, 2012

ByActionForex
Published 02/12/2012, 02:14 AM
Updated 03/09/2019, 08:30 AM
EUR/JPY
-0.34%

EUR/JPY's rebound from 97.03 resumed last week and reached as high as 103.28 before losing momentum and forming a temporary top there. Initial bias is neutral this week for some consolidations. But another rise will remain mildly in favor as long as 101.65 minor support holds. Above 103.38 will target 100% projection of 97.03 to 102.20 from 99.24 at 105.49. At this point, such rebound is still viewed as a correction only. Below 101.65 will argue that such corrective rise is finished and flip intraday bias back to the downside. Further break of 99.24 will confirm and should send EUR/JPY through 97.03 low.

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 strong rebound.

In the long term picture, up trend from 88.96 (00 low) has completed at 169.96 and made a long term top there. Based on the five wave structure of the rise from 88.96 to 169.96, we're favoring that fall from 169.96 is corrective in nature. Hence, we'll look for reversal signal ahead of 88.96 low.

<span class=EUR/JPY H4" title="EUR/JPY H4" width="600" height="300">

<span class=EUR/JPY" title="EUR/JPY" width="600" height="300">

<span class=EUR/JPY" title="EUR/JPY" width="600" height="300">

<span class=EUR/JPY" title="EUR/JPY" width="600" height="300">

Latest comments

Loading next article…
Install Our App
Risk Disclosure: Trading in financial instruments and/or cryptocurrencies involves high risks including the risk of losing some, or all, of your investment amount, and may not be suitable for all investors. Prices of cryptocurrencies are extremely volatile and may be affected by external factors such as financial, regulatory or political events. Trading on margin increases the financial risks.
Before deciding to trade in financial instrument or cryptocurrencies you should be fully informed of the risks and costs associated with trading the financial markets, carefully consider your investment objectives, level of experience, and risk appetite, and seek professional advice where needed.
Fusion Media would like to remind you that the data contained in this website is not necessarily real-time nor accurate. The data and prices on the website are not necessarily provided by any market or exchange, but may be provided by market makers, and so prices may not be accurate and may differ from the actual price at any given market, meaning prices are indicative and not appropriate for trading purposes. Fusion Media and any provider of the data contained in this website will not accept liability for any loss or damage as a result of your trading, or your reliance on the information contained within this website.
It is prohibited to use, store, reproduce, display, modify, transmit or distribute the data contained in this website without the explicit prior written permission of Fusion Media and/or the data provider. All intellectual property rights are reserved by the providers and/or the exchange providing the data contained in this website.
Fusion Media may be compensated by the advertisers that appear on the website, based on your interaction with the advertisements or advertisers.
© 2007-2025 - Fusion Media Limited. All Rights Reserved.