Daily pivots: (S1) 111 77. (P) 112 43. (R1) 113 14. More
Despite the steep decline of EUR/JPY holds above 111.51 and restores. Intraday bias is enabled neutral at the moment.But the risk remains on the downside over so long 115.40 resistance possession. Rebound from 105.42 might finish on 115.65 already and break of 111.51 support will confirm this bearish cases and direct a test at 105.42 low next.
In the bigger picture, a medium term bottom formation at 105.42.The lack of persistent strength in increase from there suggests that the EUR/JPY is only in the consolidation.In addition, EUR/JPY still trade far below 55 weeks EMA who argue that in the medium term, fell from 169.96 ongoing. Break of 105.42 will draw 100 psychological level next To the upside and above 115.65, but will bring another rise to 38.2% retracement of 139.21 to 105.42 at 118.32 instead.
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