[m.youssif]

Intraday bias in EUR/JPY remains neutral for the moment and some more sideway trading might be seen below 121.82. Nevertheless, another rise remains in favor as long as 118.49 minor support holds and above 121.81 will bring another rally to 123.31 resistance first. Break will confirm that whole rebound from 106.57 has resumed and should target 61.8% retracement of 139.21 to 105.42 at 126.30 next. Below 118.49 will bring another fall to extend the correction from 123.31. But after all, we'll stay bullish in the cross as long as 113.54 support holds and expect rise from 106.57 to resume eventually. Though, break there will dampen this view and will bring deeper decline towards 106.57 low 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, on bullish convergence condition in weekly MACD and RSI. 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, however, will invalidate this bullish view and will turn focus back to 105.42 low instead.

[m.youssif]

Intraday bias in EUR/JPY remains neutral for the moment and some more sideway trading might be seen below 121.82. Nevertheless, another rise remains in favor as long as 118.49 minor support holds and above 121.81 will bring another rally to 123.31 resistance first. Break will confirm that whole rebound from 106.57 has resumed and should target 61.8% retracement of 139.21 to 105.42 at 126.30 next. Below 118.49 will bring another fall to extend the correction from 123.31. But after all, we'll stay bullish in the cross as long as 113.54 support holds and expect rise from 106.57 to resume eventually. Though, break there will dampen this view and will bring deeper decline towards 106.57 low 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, on bullish convergence condition in weekly MACD and RSI. 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, however, will invalidate this bullish view and will turn focus back to 105.42 low instead.