[m.youssif]

EUR/JPY lost some upside momentum but still intraday bias remains mildly on the upside with 119.14 minor support intact. Current rise from 106.57 should extend further towards 100% projection of 106.57 to 115.53 from 113.54 at 122.50 next. On the downside, below 119.14 minor support will suggest that a temporary top is formed and bring retreat towards 4 hours 55 EMA (now at 117.17). 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]

EUR/JPY lost some upside momentum but still intraday bias remains mildly on the upside with 119.14 minor support intact. Current rise from 106.57 should extend further towards 100% projection of 106.57 to 115.53 from 113.54 at 122.50 next. On the downside, below 119.14 minor support will suggest that a temporary top is formed and bring retreat towards 4 hours 55 EMA (now at 117.17). 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.