Cozfx: Intraday bias in EUR/JPY remains on the upside for the moment and current rise from 94.11 should continue to 61.8% retracement of 111.43 to 94.11 at 104.81 next. On the downside, below 101.98 minor supports will turn bias neutral and bring consolidations. But retreat should be contained well above 99.52 support and bring rally resumption.

In the bigger picture, current development continues to affirm the view that whole down trend form 169.96 (2008 high) has completed at 94.11. Focus is now on 111.43 key resistance levels. Break will confirm this case and bring stronger rebound back to 123.31 resistances and above. We'd favour this bullish scenario as long as 99.52 support holds.

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