[m.youssif]

Whole decline from 123.31 in EUR/JPY is still in progress and intraday bias remains on the downside for 100% projection of 123.31 to 116.46 from 121.82 at 114.97, 50% retracement of 106.57 to 123.31 at 114.94. Focus remains on 113.54 support and as long as this support holds, we'd still favor the case for rebound from 106.57 to resume sooner or later. However, sustained break of 113.54 will put focus back to 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]

Whole decline from 123.31 in EUR/JPY is still in progress and intraday bias remains on the downside for 100% projection of 123.31 to 116.46 from 121.82 at 114.97, 50% retracement of 106.57 to 123.31 at 114.94. Focus remains on 113.54 support and as long as this support holds, we'd still favor the case for rebound from 106.57 to resume sooner or later. However, sustained break of 113.54 will put focus back to 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.