[m.youssif]

With 120.37 minor support intact, current rebound in EUR/JPY is still in favor to continue towards 123.31 resistance. Break will confirm resumption of recent rally towards 61.8% retracement of 139.21 to 105.42 at 126.30 next. On the downside, below 120.37 will turn intraday bias neutral first. Break of 118.49 will bring another fall to extend the consolidation from 123.31. But after all, as long as 115.53 support holds, we'd maintain the bullish view to expect rise from 106.57 to resume sooner or later.

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]

With 120.37 minor support intact, current rebound in EUR/JPY is still in favor to continue towards 123.31 resistance. Break will confirm resumption of recent rally towards 61.8% retracement of 139.21 to 105.42 at 126.30 next. On the downside, below 120.37 will turn intraday bias neutral first. Break of 118.49 will bring another fall to extend the consolidation from 123.31. But after all, as long as 115.53 support holds, we'd maintain the bullish view to expect rise from 106.57 to resume sooner or later.

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.