Daily Pivots: (S1) 120.05; (P) 120,75; (R1) 122.16; More
EUR/JPY bouncing high as 121.82 for now and the remains of bias intraday on the reverse with the support of miners 120.37 intact. Current location could still extend all first result 123.31. Break will then confirm resumption of the recent rally to 61.8% 139.21 to 126.30 105.42 tracing. Disadvantage, below 120.37 transform bias neutral intraday first. 118.49 Break will bring another fall to extend 123.31 consolidation, but after all, as long as support 115.53 holds, we would maintain the optimistic view to expect the rise of the 106.57 resume sooner or later.
In the overview, suffered higher 55 weeks that EMA continues to argue the case of medium-term reversal. That is, any drop in high 169.96 2008 finished with three waves until 105.42 already, if convergence weekly bullish MACD and RSI. Current location of 105.42 should extends 139.21 resistance (which is almost 50% 137.69 105.42 169.96 tracing) for confirmation. Inconvenience, support 113.54 break, however, will invalidate this optimistic view can and focus towards low 105.42 instead.
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