EURJPY: Bullish, Remains On The Offensive.

[FXTechstrategy Team 10]

EURJPY: Maintains Recovery Threats With Upside Bias

 

EURJPY- Though consolidating following its recent upside offensive, EURJPY remains biased to the upside on furthercorrection. As long as the cross continues to hold above the 97.80 level, it looks to resume its upside recovery towards the 99.16 level. A breach will allow for more strength towards the 100.00 level, its psycho level. However, it will have to take out its 101.59 level to signal that a bottom is now in place. Its weekly RSI is bullish and pointing higher supporting this view. The alternative scenario will be for EURJPY to return to the 97.80 level where a break will call for a run at the 95.72 level followed by the 94.91 level. A cut through there will allow for more declines towards the 93.00 level. All in all, EURJPY remains biased to the upside on further correction.

 

[FXTechstrategy Team 10]

EURJPY: Builds On Recovery Gains

 

EURJPY- While the cross continues to build on its bullish tone, it will have to break and hold above the 103.85 level to end its bear threats. This if seen will pave the way for a run at the 104.42 level. And possibly the 105.00 level. Its daily RSI is bullish and pointing higher supporting this view. On the downside, support lies at the 100.70 level where a violation will open the door for a move lower towards the 99.51/63 levels. EURJPY may see a respite here and turn higher. Further down, support lies at the 97.80 level where a break will call for a push lower towards the 95.72 level. All in all, though maintaining its broader medium term upside, it will have to break above the 103.85 to trigger that trend.

 

[FXTechstrategy Team 10]

EURJPY- Our bias on EURJPY remains higher as long as it trades and holds above the 99.63 level. This development leaves the cross targeting the 103.85 level where a violation will pave the way for a run at the 104.42 level and possibly higher towards the 105.00 level. On the downside, support lies at the 100.70 level where a violation will open the door for a move lower towards the 99.63/86 levels. The pair may see a respite here and turn higher. But if this fails, support lies at the 97.80 level where a break will call for a push lower towards the 95.72 level. All in all, the pair remains biased to the upside

 

[FXTechstrategy Team 10]

EURJPY: Bullish, Remains On The Offensive.

 

EURJPY- With the cross bullish and threatening further upside, the risk is for more gain to occur. This could target the 106.53 level, its May 02’2012 high where a break will aim at the 107.99 level. Its daily RSI is bullish and pointing higher supporting this view. On the other hand, support comes in at the 104.58 level. A reversal of roles as support is likely to turn the cross higher but if that fails to occur, further declines could build up towards 103.13 level. Further down, support stands at the 102.00 level. All in all, the cross has triggered a strong rally suggesting further upside.

 

[FXTechstrategy Team 10]

EURJPY- With the cross resuming its medium term uptrend, further offensive is likely in the days. This development now leaves the cross targeting the 107.99 level followed by the 108.50 level. Its daily RSI is bullish and pointing higher supporting this view. Support comes in at the 106.10 level and then the 105.00 level. Further down, support is seen at the 104.58 level. A reversal of roles as support is likely to occur and turn the cross higher. All in all, the cross remains biased to the upside medium term.

 

[FXTechstrategy Team 10]

EURJPY- Having broken and held above the 107.74/99 levels, further upside offensive is underway. This development creates scope for more upside towards the 100.00 level. Further out, resistance resides at the 114.02 level. Its daily RSI is bullish and pointing higher supporting this view. Support comes in initially at the 107.74/99 levels with a breach targeting the 106.46 level followed by the 106.10 level and then the 105.96 level. Further down, support is seen at the 105.00 level. A reversal of roles as support is likely to occur and turn the cross higher. All in all, the cross remains biased to the upside in the medium term.