EUR/JPY Quickly Retreats From 146.52
ActionForex | Nov 17, 2014 06:06AM ET
Daily Pivots: (S1) 181.66; (P) 182.16; (R1) 182.72;
At this point, GBP/JPY is holding above 181.07 minor support and intraday bias remains neutral. As long as 181.07 support holds, further rally is still expected to 190 psychological level next. However, break of 101.87 will indicate short term topping and would bring deeper pull back before staging another rise.
In the bigger picture, the up trend from 116.83 has just resumed. Sustained break of 50% retracement retracement of 251.09 to 116.83 at 183.96 will pave the way to 61.8% retracement at 199.80, which is close to 200 psychological level. On the downside, break of 168.01 support is needed to confirm medium term topping. Otherwise, outlook will stay bullish in case of pull back.
Daily Pivots: (S1) 144.65; (P) 145.25; (R1) 146.20;
Despite edging higher to 146.52, EUR/JPY quickly retreated. Nonetheless, as long as 142.08 support holds, further rise is expected. Sustained trading above 145.68 will confirm larger up trend resumption and should target next fibonacci level at 152.59. However, break of 142.08 will indicate short term topping and will bring deeper pull back before another rise.
In the bigger picture, recent development suggests that the consolidation pattern from 145.68 is completed at 134.13 after breaching 55 weeks EMA briefly. The up trend from 94.11 long term bottom is possibly resuming. Break of 145.68 will target 76.4% retracement of 169.96 to 94.11 at 152.59 next. On the downside, break of 134.13 will extend the corrective pattern from 145.68 to 38.2% retracement of 94.11 to 145.68 at 125.98.
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