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EURJPY Daily Outlook

By:

Action Forex

2009-03-07

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Daily Pivots: (S1) 133.38; (P) 135.07; (R1) 136.01;

As noted before, EUR/JPY's rebound from 131.41, which is treated as correction to fall from 139.21 only, is likely completed at 136.87. Intraday bias is mildly on the downside for the moment and break of 133.36 support will add much credence to this case and target 131.41 low next. On the upside, above 135.44 minor resistance will flip intraday bias back to the upside but after all, we're still expecting the rise from 131.41 to be limited below 139.21.

In the bigger picture, rise from 112.10 is treated as part of the consolidation in the larger down trend form 08 high of 169.96 only. Considering bearish divergence condition in daily MACD and RSI, such rise is tentatively treated as completed at 139.21 already. Break of mentioned trend line support from 112.10 will add much credence to this case. Further break of 124.35 will confirm and bring retest of 112.10 low next. Meanwhile, note that another rise cannot be ruled out for the moment since EUR/JPY is still holding above the medium term trend line. But even in case of up trend resumption, upside should be limited by resistance zone of 50% retracement of 169.96 to 112.10 at 141.03 and 61.8% retracement at 147.85 and finally bring reversal.

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