[m.youssif]

EUR/JPY's rally extends further to as high as 121.95 so far today and intraday bias remains on the upside for mentioned 100% projection of 106.57 to 115.53 from 113.54 at 122.50. Break will target 161.8% projection at 128.03 next. On the downside, below 120.86 minor support will turn bias neutral and bring retreat. But strong support should be seen around 4 hours 55 EMA (now at 117.80) to contain downside and bring rise resumption.

In the bigger picture, the strong break of 115.96 resistance, as well as the 55 weeks EMA are 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's rally extends further to as high as 121.95 so far today and intraday bias remains on the upside for mentioned 100% projection of 106.57 to 115.53 from 113.54 at 122.50. Break will target 161.8% projection at 128.03 next. On the downside, below 120.86 minor support will turn bias neutral and bring retreat. But strong support should be seen around 4 hours 55 EMA (now at 117.80) to contain downside and bring rise resumption.

In the bigger picture, the strong break of 115.96 resistance, as well as the 55 weeks EMA are 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.