[m.youssif]

Intraday bias in EUR/JPY remains on the upside with 116.18 minor support intact. Current rise should now extend to 38.2% retracement of 139.21 to 105.42 at 118.33 first. Break will affirm the bullish reversal case and target 61.8% projection of 106.57 to 115.53 from 113.54 at 119.07 next. On the downside, break of 113.54 support is now needed to signal short term topping. Otherwise, outlook will remain bullish.

In the bigger picture, the strong break of 115.96 resistance, as well as the 55 weeks EMA is taken as the first signal that medium term correction from 2008 high of 169.96 has completed with three waves down to 105.42 already. Sustained trading above mentioned 38.2% retracement of 139.21 to 105.42 at 118.33 will further affirm this case and target 139.21 key resistance level for confirmation (which is close to 50% retracement of 169.96 to 105.42 at 137.69).

[m.youssif]

Intraday bias in EUR/JPY remains on the upside with 116.18 minor support intact. Current rise should now extend to 38.2% retracement of 139.21 to 105.42 at 118.33 first. Break will affirm the bullish reversal case and target 61.8% projection of 106.57 to 115.53 from 113.54 at 119.07 next. On the downside, break of 113.54 support is now needed to signal short term topping. Otherwise, outlook will remain bullish.

In the bigger picture, the strong break of 115.96 resistance, as well as the 55 weeks EMA is taken as the first signal that medium term correction from 2008 high of 169.96 has completed with three waves down to 105.42 already. Sustained trading above mentioned 38.2% retracement of 139.21 to 105.42 at 118.33 will further affirm this case and target 139.21 key resistance level for confirmation (which is close to 50% retracement of 169.96 to 105.42 at 137.69).