Daily Pivots: (S1) 158.10; (P) 158.68; (R1) 159.65; More.
EUR/JPY edges higher to 159.42 today. Even though upside momentum is unconvincing with 4 hours MACD still dating below signal line, intraday bias is still mildly on the upside as long as 157.68 minor support holds. Break of 159.46 resistance will confirm that whole rise from 152.11 is still in progress to 100% projection of 152.11 to 159.46 from 154.05 at 161.40. Meanwhile, on the downside, below 157.68 will turn intraday outlook neutral first. Further break of 155.79 will argue that rise from 154.05 has completed and bring retest of 152.11 low.
In the bigger picture, EUR/JPY has turned into sideway consolidation after medium term up trend was limited at 168.93 and is probably developing into triangle formation. having said that, break of mentioned 161.40 fibo projection will encourage stronger rise to retest resistance zone between 166.64 and 168.93 first. Though, upside should be limited there initially and bring another fall before completing the consolidation. On the downside, though, break of 154.05 will argue that fall from 167.72 s still underway to 149.72 low before completion.
EUR/JPY edges higher to 159.42 today. Even though upside momentum is unconvincing with 4 hours MACD still dating below signal line, intraday bias is still mildly on the upside as long as 157.68 minor support holds. Break of 159.46 resistance will confirm that whole rise from 152.11 is still in progress to 100% projection of 152.11 to 159.46 from 154.05 at 161.40. Meanwhile, on the downside, below 157.68 will turn intraday outlook neutral first. Further break of 155.79 will argue that rise from 154.05 has completed and bring retest of 152.11 low.
In the bigger picture, EUR/JPY has turned into sideway consolidation after medium term up trend was limited at 168.93 and is probably developing into triangle formation. having said that, break of mentioned 161.40 fibo projection will encourage stronger rise to retest resistance zone between 166.64 and 168.93 first. Though, upside should be limited there initially and bring another fall before completing the consolidation. On the downside, though, break of 154.05 will argue that fall from 167.72 s still underway to 149.72 low before completion.
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