[m.youssif]

EUR/JPY's rally resumed after brief retreat and reaches as high as 122.94 so far. Intraday bias will remain on the upside as long as 120.74 minor support holds. Further rise should be seen towards 161.8% projection of 106.57 to 115.53 from 113.54 at 128.03 next. On the downside, below 120.74 will indicate that a short term top might be in place and bring pull back to 4 hours 55 EMA (now at 119.52) 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's rally resumed after brief retreat and reaches as high as 122.94 so far. Intraday bias will remain on the upside as long as 120.74 minor support holds. Further rise should be seen towards 161.8% projection of 106.57 to 115.53 from 113.54 at 128.03 next. On the downside, below 120.74 will indicate that a short term top might be in place and bring pull back to 4 hours 55 EMA (now at 119.52) 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.