EUR/JPY Weekly Outlook

13 March 2010 @ 09:03 am EDT

EUR/JPY's rebound from 119.64 extended further to as high as 125.19 last week. As the cross is now very close to mentioned 125.22 cluster resistance (38.2% retracement of 134.36 to 119.64 at 125.26), we'd stay neutral initially this week. On the downside below 123.01 minor support will indicate that corrective rise from 119.64 is finished and will flip intraday bias back to the downside for retesting this low. On the upside, however, decisive break of 125.22/26 cluster resistance will indicate that stronger rebound is underway for 61.8% retracement of 134.36 to 119.64 at 128.73 next.

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