EUR/JPY Weekly Outlook

EUR/JPY edged higher to 159.56 last week but upside was limited by 159.46 resistance and 55 weeks EMA (now at 159.52) and retreat mildly. Upside momentum is unconvincing for the moment with 4 hours MACD staying below signal line. Initial bias is neutral for the initially this week. Decisive break of 159.46 will indicate that rise from 152.11 has resumed for 100% projection of 152.11 to 159.46 from 154.05 at 161.40 first. On the downside below 157.68 will suggest that rise from 154.05 has possibly completed and bring further fall to 155.79 support first. Break will confirm this case and bring retest of 152.11 low. (Excepted from actionforex.com)