Forex: EUR/JPY rejected below 106.00

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Forex: EUR/JPY rejected below 106.00

FITITOL--> FXstreet.com (Barcelona) - EUR/JPY is last around 105.48, off session lows at 105.33, and flat for the day and since yesterday's Asia-Pacific open. Despite the surge to yesterday's highs 106.13 following ECB press conference, the cross gave all gains back to mentioned session lows, with session highs just at 105.57, making a very limited range this Friday in Asia-Pacific, ahead of later in the day US NFP.

According to Ian Copsey from Harmonic Elliott Wave: “The underlying MT direction is bullish while the daily bias is bullish. Therefore the main risk is higher,” Ian says, adding: “The recovery wasn't enough to confirm a reversal and still holds some risk of a minor new low below 105.12 but remaining above 104.61.”

Immediate support to the downside for EUR/JPY lie at recent session and yesterday's lows 105.33/31, followed by Wednesday's lows 105.11 and April 16 lows 104.63, while for the upside, closest resistance show at March 06 highs 105.63, followed by yes terday's highs/April 09 lows 106.10, and April 24 lows 106.29.