EURJPY Outlook |
Written by ActionForex.com |
Sep 19 13 13:12 GMT
EUR/JPY Mid-Day Outlook
Daily Pivots: (S1) 131.95; (P) 132.32; (R1) 132.77; More
EUR/JPY rises further today and the strong break of 133.80 resistance confirmed resumption of whole up trend from 94.11. Intraday bias remains on the upside and current rally should extend to 140 psychological level next. On the downside, break of 131.86 support is needed to confirm topping. Otherwise, outlook will stay bullish even in case of retreat.
In the bigger picture, medium term up trend from 94.11 has just resumed by taking out 133.80 resistance. While upside momentum isn't too convincing yet, current rally would now target 61.8% retracement of 169.96 to 94.11 at 140.98. On the downside,, break of 124..95 is needed to confirm medium term topping. Otherwise, outlook will stay bullish.
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