EUR/JPY Weekly Outlook

EUR/JPY edged higher to 161.38 early last week but reversed and fell sharply to as low as 157.44 following broad based strength in yen. WIth 4 hours MACD staying negative, a short term top is in place at 161.38. Initial bias is on the downside this week and further fall could now be seen to short term rising trend line (now at 156.67). Break will encourage further fall to 154.05 support first. Meanwhile, above 158.48 will turn intraday outlook neutral first. (actionforex.com)