[m.youssif]

Intraday bias in EUR/JPY remains on the upside with 118.21 minor support intact and current rally should now target 100% projection of 106.57 to 115.53 from 113.54 at 122.50 next. On the downside, below 118.21 minor support suggest that a temporary top is formed and turn bias neutral to bring consolidations. But downside should be contained above 115.53 resistance turned support and bring another rise.

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 affirms this case Focus now turns to 139.21 key resistance level for confirmation (which is close to 50% retracement of 169.96 to 105.42 at 137.69). On the downside, break of 113.54 support is needed to invalidate this view. Otherwise, outlook will remain bullish.

[m.youssif]

Intraday bias in EUR/JPY remains on the upside with 118.21 minor support intact and current rally should now target 100% projection of 106.57 to 115.53 from 113.54 at 122.50 next. On the downside, below 118.21 minor support suggest that a temporary top is formed and turn bias neutral to bring consolidations. But downside should be contained above 115.53 resistance turned support and bring another rise.

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 affirms this case Focus now turns to 139.21 key resistance level for confirmation (which is close to 50% retracement of 169.96 to 105.42 at 137.69). On the downside, break of 113.54 support is needed to invalidate this view. Otherwise, outlook will remain bullish.