Daily Pivots: (S1) 106.22; (P) 107.17; (R1) 108.68;
EUR/JPY's break of 107.67 confirms that whole rebound from 100.74 has resumed. Intraday bias is back on the upside and further rise should be seen to 38.2% retracement of 123.31 to 100.74 at 109.36 first. On the downside, break of 104.74 support is needed to signal completion of such rebound. Otherwise, further rise would remain in favor even in case of retreat.
In the bigger picture, whole down trend from 2008 high of 169.96 is still in progress. Sustained trading below 100 psychological level should pave the way to 100% projection of 139.21 to 105.42 from 123.31 at 89.52, which is close to 88.96 all time low. On the upside, break of 111.93 resistance is needed to be the first signal of medium term reversal. Otherwise, we'll stay bearish. 
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EUR/JPY Daily Outlook
Published 10/28/2011, 06:56 AM
Updated 03/09/2019, 08:30 AM
EUR/JPY Daily Outlook
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