EUR/JPY’s extended decline last week suggests that rebound from 156.16 has already completed at 164.89. But downside momentum remained unconvincing. Also, with a temporary low formed at 159.74, initial bias is neutral this week first. On the downside, below 159.74 will target 156.16 support. On the upside, break of 162.89 will bring retest of 164.89 instead.

In the bigger picture, price actions from 175.41 are seen as correction to rally from 114.42 (2020 low). The range of consolidation should have been set between 38.2% retracement of 114.42 to 175.41 at 152.11 and 175.41 high. However, decisive break of 152.11 would argue that deeper correction is underway.

In the long term picture, while 175.41 is at least a medium term top, it’s still early to conclude that up trend from 94.11 (2012 low) has completed. A medium term corrective phase is in progress with risk of deeper fall back to 55 M EMA (now at 148.21).

Daily Pivots: (S1) 159.32; (P) 160.23; (R1) 160.72; More…

Intraday bias in EUR/JPY stays mildly on the downside at this point. Fall from 164.89 is in progress for 156.16 support. Firm break there will argue that corrective pattern from 154.40 has completed, and fall from 175.41 is ready to resume. For now, risk will stay on the downside as long as 162.88 resistance holds, in case of recovery.

In the bigger picture, price actions from 175.41 are seen as correction to rally from 114.42 (2020 low). The range of consolidation should have been set between 38.2% retracement of 114.42 to 175.41 at 152.11 and 175.41 high. However, decisive break of 152.11 would argue that deeper correction is underway.

Daily Pivots: (S1) 160.22; (P) 161.59; (R1) 162.38; More…

EUR/JPY’s fall from 164.89 is resuming through 160.02 temporary low. Intraday bias is back on the downside for 156.16 support next. Firm break there will argue that corrective pattern from 154.40 has completed, and fall from 175.41 is ready to resume. For now, risk will stay on the downside as long as 162.88 resistance holds, in case of recovery.

In the bigger picture, price actions from 175.41 are seen as correction to rally from 114.42 (2020 low). The range of consolidation should have been set between 38.2% retracement of 114.42 to 175.41 at 152.11 and 175.41 high. However, decisive break of 152.11 would argue that deeper correction is underway.

Daily Pivots: (S1) 161.64; (P) 162.25; (R1) 163.45; More…

Intraday bias in EUR/JPY remains neutral and outlook is unchanged. Rebound from 156.16 might have completed at 164.89 already. Risk will stay on the downside as long as 164.53 resistance holds. Below 160.02 will bring deeper fall to 156.16 support next. Firm break there will argue that corrective pattern from 154.40 has completed, and fall from 175.41 is ready to resume.

In the bigger picture, price actions from 175.41 are seen as correction to rally from 114.42 (2020 low). The range of consolidation should have been set between 38.2% retracement of 114.42 to 175.41 at 152.11 and 175.41 high. However, decisive break of 152.11 would argue that deeper correction is underway.

Daily Pivots: (S1) 160.28; (P) 161.04; (R1) 162.04; More…

Intraday bias in EUR/JPY is turned neutral first with current recovery. Rebound from 156.16 might have completed at 164.89 already. Risk will stay on the downside as long as 164.53 resistance holds. Below 160.02 will bring deeper fall to 156.16 support next. Firm break there will argue that corrective pattern from 154.40 has completed, and fall from 175.41 is ready to resume.

In the bigger picture, price actions from 175.41 are seen as correction to rally from 114.42 (2020 low). The range of consolidation should have been set between 38.2% retracement of 114.42 to 175.41 at 152.11 and 175.41 high. However, decisive break of 152.11 would argue that deeper correction is underway.

Daily Pivots: (S1) 160.82; (P) 162.00; (R1) 162.80; More…

EUR/JPY’s break of 160.89 support argues that rebound from 156.16 has completed at 164.89 already. Intraday bias is back on the downside for 156.16 support first. Firm break there will argue that corrective pattern from 154.40 has completed, and fall from 175.41 is ready to resume. For now, risk will stay on the downside as long as 164.53 resistance holds, in case of recovery.

In the bigger picture, price actions from 175.41 are seen as correction to rally from 114.42 (2020 low). The range of consolidation should have been set between 38.2% retracement of 114.42 to 175.41 at 152.11 and 175.41 high. However, decisive break of 152.11 would argue that deeper correction is underway.

EUR/JPY stayed in range below 164.89 last week despite late decline. Initial bias remains neutral this week first. On the upside, above 164.89 will resume the rise from 156.16, as a leg in the corrective pattern from 154.40. Next target is 166.67. However, firm break of 160.89 will turn bias back to the downside for 156.16 support instead.

In the bigger picture, price actions from 175.41 are seen as correction to rally from 114.42 (2020 low). The range of consolidation should have been set between 38.2% retracement of 114.42 to 175.41 at 152.11 and 175.41 high. However, decisive break of 152.11 would argue that deeper correction is underway.

In the long term picture, while 175.41 is at least a medium term top, it’s still early to conclude that up trend from 94.11 (2012 low) has completed. A medium term corrective phase is in progress with risk of deeper fall back to 55 M EMA (now at 148.21).

Daily Pivots: (S1) 162.36; (P) 162.90; (R1) 163.42; More…

EUR/JPY is staying in consolidation below 164.89 and intraday bias remains neutral. Rise from 156.16, as a leg in the corrective pattern from 154.40, should continue as long as 160.89 support holds. On the upside, break of 164.89 will target 166.67, and above. However, firm break of 160.89 will turn bias back to the downside for 156.16 support instead.

In the bigger picture, price actions from 175.41 are seen as correction to rally from 114.42 (2020 low). The range of consolidation should have been set between 38.2% retracement of 114.42 to 175.41 at 152.11 and 175.41 high. However, decisive break of 152.11 would argue that deeper correction is underway.

Daily Pivots: (S1) 162.89; (P) 163.35; (R1) 163.86; More…

Intraday bias in EUR/JPY remains neutral for the moment. Rise from 156.16, as a leg in the corrective pattern from 154.40, should continue as long as 160.89 support holds. On the upside, break of 164.89 will target 166.67, and above. However, firm break of 160.89 will turn bias back to the downside for 156.16 support instead.

In the bigger picture, price actions from 175.41 are seen as correction to rally from 114.42 (2020 low). The range of consolidation should have been set between 38.2% retracement of 114.42 to 175.41 at 152.11 and 175.41 high. However, decisive break of 152.11 would argue that deeper correction is underway.

Daily Pivots: (S1) 162.88; (P) 163.72; (R1) 164.22; More…

EUR/JPY retreated ahead of 164.89 resistance and intraday bias is turned neutral for now. Outlook is unchanged that corrective pattern from 154.40 is extending. Break of 164.89 will target 166.67, and above. This will remain the favored case as long as 160.89 support holds.

In the bigger picture, price actions from 175.41 are seen as correction to rally from 114.42 (2020 low). The range of consolidation should have been set between 38.2% retracement of 114.42 to 175.41 at 152.11 and 175.41 high. However, decisive break of 152.11 would argue that deeper correction is underway.

Daily Pivots: (S1) 162.31; (P) 163.17; (R1) 164.64; More…

EUR/JPY’s break of 163.30 minor resistance suggests that pull back from 164.98 has completed at 160.89 already. Intraday bias is back on the upside. Firm break of 164.89 will resume the rally from 156.16, as a leg of the corrective pattern from 154.40, and target 166.67. This will now remain the favored case as long as 160.89 support holds.

In the bigger picture, price actions from 175.41 are seen as correction to rally from 114.42 (2020 low). The range of consolidation should have been set between 38.2% retracement of 114.42 to 175.41 at 152.11 and 175.41 high. However, decisive break of 152.11 would argue that deeper correction is underway.

Daily Pivots: (S1) 161.58; (P) 161.90; (R1) 162.49; More…

EUR/JPY recovered further today but stays below 163.30 minor resistance and intraday bias stays neutral. Outlook is unchanged that t corrective pattern from 154.40 is still extending. Above 163.30 minor resistance will bring retest of 164.89 first. Break there will target 166.67 resistance next.

In the bigger picture, price actions from 175.41 are seen as correction to rally from 114.42 (2020 low). The range of consolidation should have been set between 38.2% retracement of 114.42 to 175.41 at 152.11 and 175.41 high. However, decisive break of 152.11 would argue that deeper correction is underway.

EUR/JPY edged higher to 164.89 last week but retreated sharply from there. But overall outlook is unchanged that corrective pattern from 154.40 is still extending. Initial bias remains neutral this week first. Above 163.30 minor resistance will bring retest of 164.89 first. Break there will target 166.67 resistance next.

In the bigger picture, price actions from 175.41 are seen as correction to rally from 114.42 (2020 low). The range of consolidation should have been set between 38.2% retracement of 114.42 to 175.41 at 152.11 and 175.41 high. However, decisive break of 152.11 would argue that deeper correction is underway.

In the long term picture, while 175.41 is at least a medium term top, it’s still early to conclude that up trend from 94.11 (2012 low) has completed. A medium term corrective phase is in progress with risk of deeper fall back to 55 M EMA (now at 148.21).

Daily Pivots: (S1) 160.65; (P) 161.98; (R1) 163.06; More…

Intraday bias in EUR/JPY remains neutral for the moment. Some more consolidations could be seen, but another rally is mildly in favor as long as 159.79 support holds. Above 163.30 minor resistance will turn bias back to the upside. Rise from 156.16 is seen as a rising leg in the corrective pattern from 154.04. Break of 164.89 will target 166.67 resistance next.

In the bigger picture, price actions from 175.41 are seen as correction to rally from 114.42 (2020 low). The range of consolidation should have been set between 38.2% retracement of 114.42 to 175.41 at 152.11 and 175.41 high. However, decisive break of 152.11 would argue that deeper correction is underway.

Daily Pivots: (S1) 162.26; (P) 163.58; (R1) 164.39; More…

Intraday bias in EUR/JPY is turned neutral first with current retreat. Some consolidations would be seen, but another rise is mildly in favor as long as 159.79 support holds. Rise from 156.16 is seen as another rising leg in the corrective pattern from 154.04. Above 164.89 will target 166.67 resistance next.

In the bigger picture, price actions from 175.41 are seen as correction to rally from 114.42 (2020 low). The range of consolidation should have been set between 38.2% retracement of 114.42 to 175.41 at 152.11 and 175.41 high. However, decisive break of 152.11 would argue that deeper correction is underway.

Daily Pivots: (S1) 164.14; (P) 164.49; (R1) 164.94; More…

EUR/JPY’s rally from 156.16 is still in progress and intraday bias stays on the upside. Corrective pattern from 154.04 is extending with another rising leg. Further rise should be seen to 166.67 resistance next. On the downside, below 163.79 minor support will turn intraday bias neutral first.

In the bigger picture, price actions from 175.41 are seen as correction to rally from 114.42 (2020 low). The range of consolidation should have been set between 38.2% retracement of 114.42 to 175.41 at 152.11 and 175.41 high. However, decisive break of 152.11 would argue that deeper correction is underway.

Daily Pivots: (S1) 163.77; (P) 164.26; (R1) 165.20; More…

EUR/JPY’s rally from 156.16 continues today and intraday bias stays on the upside. As noted before, corrective from 154.04 is extending with another rising leg. Further rise should be seen to 166.67 resistance next. On the downside, below 163.01 minor support will turn intraday bias neutral first.

In the bigger picture, price actions from 175.41 are seen as correction to rally from 114.42 (2020 low). The range of consolidation should have been set between 38.2% retracement of 114.42 to 175.41 at 152.11 and 175.41 high. However, decisive break of 152.11 would argue that deeper correction is underway.

Daily Pivots: (S1) 162.42; (P) 163.04; (R1) 163.73; More…

Intraday bias in EUR/JPY stays on the upside for the moment. Corrective pattern from 154.04 is extending with another rising leg. Further rise should be seen to 166.67 resistance next. For now, risk will stay on the upside as long as 159.79 support holds, in case of retreat.

In the bigger picture, price actions from 175.41 are seen as correction to rally from 114.42 (2020 low). The range of consolidation should have been set between 38.2% retracement of 114.42 to 175.41 at 152.11 and 175.41 high. However, decisive break of 152.11 would argue that deeper correction is underway.

EUR/JPY’s rally from 156.16 extended higher last week. The development is in line with the case that corrective pattern from 154.04 is extending with another rising leg. Initial bias stays on the upside for 166.67 resistance next. For now, risk will stay on the upside as long as 159.79 support holds, in case of retreat.

In the bigger picture, price actions from 175.41 are seen as correction to rally from 114.42 (2020 low). The range of consolidation should have been set between 38.2% retracement of 114.42 to 175.41 at 152.11 and 175.41 high. However, decisive break of 152.11 would argue that deeper correction is underway.

In the long term picture, considering bearish divergence condition in W MACD, 175.41 is at least a medium term top. It’s still early to conclude that up trend from 94.11 (2012 low) has completed. But a medium term corrective phase is in progress with risk of deeper fall back to 55 M EMA (now at 147.55).

Daily Pivots: (S1) 160.74; (P) 162.27; (R1) 164.69; More…

Intraday bias in EUR/JPY stays on the upside as rise from 156.16 is in progress. Corrective pattern from 154.40 is extending with another up-leg. Further rise should be seen to 166.67 resistance and possibly above. For now, risk will stay on the upside as long as 159.79 support holds, in case of retreat.

In the bigger picture, price actions from 175.41 are seen as correction to rally from 114.42 (2020 low). The range of consolidation should have been set between 38.2% retracement of 114.42 to 175.41 at 152.11 and 175.41 high. However, decisive break of 152.11 would argue that deeper correction is underway.