EUR/JPY: Daily Outlook - April 23, 2013
ActionForex | Apr 23, 2013 07:53AM ET
Daily Pivots: (S1) 128.81; (P) 129.74; (R1) 130.57;
Within 4 hours, the MACD crossed below the signal line. Aebound from 124.84 might have finished at 130.66. Note that consolidation from 131.12 is still in progress, and could have just started another falling leg. Intraday bias is back on the downside for 124.84. Downside should be contained above 123.86 support and bring rebound. Eventually, an upside breakout is expected, and above 131.12 will resume a whole rally from 94.11.
In the bigger picture, whole down trend from 169.96 (2008 high) has alreadycompleted at 94.11 , on bullish convergence condition in weekly MACD. A rise from there isn't finished yet, and is expected to continue to 50% retracement of 169.96 to 94.11 at 132.03 next. Eventually, such rise would likely extend to 139.21 resistance and above. Break of 119.10 support is needed to be the first sign of medium term topping. Otherwise, outlook will stay bullish.
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