[m.youssif]

As noted before, EUR/JPY's pull back might have completed at 116.46 already. Intraday bias is cautiously on the upside for 123.31 resistance first. Break will confirm rise resumption for 61.8% retracement of 139.21 to 105.42 at 126.30 next. After all, outlook remains bullish as long as 115.96 support holds. Nevertheless, sustained trading below 115.96 will turn focus back to 113.54 support instead.

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]

As noted before, EUR/JPY's pull back might have completed at 116.46 already. Intraday bias is cautiously on the upside for 123.31 resistance first. Break will confirm rise resumption for 61.8% retracement of 139.21 to 105.42 at 126.30 next. After all, outlook remains bullish as long as 115.96 support holds. Nevertheless, sustained trading below 115.96 will turn focus back to 113.54 support instead.

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.