EURJPY Daily Outlook

EURJPY Daily Outlook
By: Action Forex

* 19-06-2009

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Daily Pivots: (S1) 133.15; (P) 134.06; (R1) 135.10;

EUR/JPY's recovery from 132.34 is still in progress. But after all another fall is still in favor as long as 135.36 minor resistance holds. Below 132.34 will bring decline resumption to trend line support (now at 131.04) next. On the upside, above 135.36 will flip intraday bias back to the upside. Break of 138.27 resistance will indicate that recent up trend in EUR/JPY is indeed still in progress.

In the bigger picture, recent price actions are treated as consolidation in the down trend from 08 high of 169.96 only. Considering bearish divergence condition in daily MACD and RSI, the rise from 112.21 might have completed at 139.21 already. Break of trend line support (now at 130.60) will add much credence to this case and turn focus to 124.35 support for confirmation. But before that, rise from 112.21 might still extend further to 141.03/147.85 resistance zone (50% and 61.8% retracement of 169.96 to 112.10) before completion.