[m.youssif]

EUR/JPY reaches as high as 122.60 and met mentioned target of 100% projection of 106.57 to 115.53 from 113.54 at 122.50. At this point, intraday bias remains on the upside and sustained trading above 122.50 will pave the way to 161.8% projection at 128.03 next. On the downside, below 120.86 will indicate that a short term top might be in place and bring pull back to 4 hours 55 EMA (Now at 118.75) and below. But downside should be contained well above 115.53 resistance turned support 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 reaches as high as 122.60 and met mentioned target of 100% projection of 106.57 to 115.53 from 113.54 at 122.50. At this point, intraday bias remains on the upside and sustained trading above 122.50 will pave the way to 161.8% projection at 128.03 next. On the downside, below 120.86 will indicate that a short term top might be in place and bring pull back to 4 hours 55 EMA (Now at 118.75) and below. But downside should be contained well above 115.53 resistance turned support 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.