EUR/JPY Mid-Day Outlook
Daily Pivots: (S1) 158.26; (P) 158.76; (R1) 159.37; More.
EUR/JPY's rise from 154.05 resumes today and surges to as high as 160.26 so far. Break of 159.46 resistance confirms that rebound from 152.11 is still in progress. At this point, intraday bias remains on the upside as long as 158.88 minor support holds. Further rally is expected to 100% projection of 152.11 to 159.46 from 154.05 at 161.40 first. On the downside,below 158.88 will turn intraday outlook consolidative first. But as long as pull back is contained above 155.79 support, further rally is still in favor.
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 152.11 will argue that fall from 167.72 is still underway to 149.72 low before completion.
Daily Pivots: (S1) 158.26; (P) 158.76; (R1) 159.37; More.
EUR/JPY's rise from 154.05 resumes today and surges to as high as 160.26 so far. Break of 159.46 resistance confirms that rebound from 152.11 is still in progress. At this point, intraday bias remains on the upside as long as 158.88 minor support holds. Further rally is expected to 100% projection of 152.11 to 159.46 from 154.05 at 161.40 first. On the downside,below 158.88 will turn intraday outlook consolidative first. But as long as pull back is contained above 155.79 support, further rally is still in favor.
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 152.11 will argue that fall from 167.72 is still underway to 149.72 low before completion.
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