[m.youssif]

Intraday bias in EUR/JPY remains neutral and some more consolidations could be seen below 123.31 short term top. Deeper retreat might be seen but downside is expected to be contained well above 115.96 resistance turned support and bring rally resumption. Above 123.31 will target 61.8% retracement of 139.21 to 105.42 at 126.30 next.

In the bigger picture, sustained trading above 55 weeks EMA continues to affirm the case of medium term reversal. That is, whole decline from 2008 high of 169.96 has completed with three waves down to 105.42 already. Current rise from 105.42 should extends towards 139.21 resistance (which is close to 50% retracement of 169.96 to 105.42 at 137.69) for confirmation. 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 neutral and some more consolidations could be seen below 123.31 short term top. Deeper retreat might be seen but downside is expected to be contained well above 115.96 resistance turned support and bring rally resumption. Above 123.31 will target 61.8% retracement of 139.21 to 105.42 at 126.30 next.

In the bigger picture, sustained trading above 55 weeks EMA continues to affirm the case of medium term reversal. That is, whole decline from 2008 high of 169.96 has completed with three waves down to 105.42 already. Current rise from 105.42 should extends towards 139.21 resistance (which is close to 50% retracement of 169.96 to 105.42 at 137.69) for confirmation. On the downside, break of 113.54 support is needed to invalidate this view. Otherwise, outlook will remain bullish.