Daily Pivots: (S1) 119.79; (P) 120.08; (R1) 120.48; More…

Intraday bias in EUR/JPY remains mildly on the downside as the fall from 122.88 should target 118.23 support. At this point, we’re holding on to the view that price actions from 124.08 are forming a consolidation pattern. There, strong support is expected around 118.45 key cluster support level (38.2% retracement of 109.20 to 124.08 at 118.39) to contain downside and bring rebound. On the upside, above 120.43 minor resistance will turn bias back to the upside for 122.88 resistance.

In the bigger picture, we’re holding on to the view that medium term rise from 109.20 is still in progress. Focus is on 126.09 key resistance level. Sustained break will confirm completion of the whole decline from 149.76. And rise from 109.20 is of the same degree as the fall from 149.76. In such case, further rally would be seen to 104.04 resistance and possibly above before topping. Meanwhile, rejection from 126.09, or firm break of 118.45 cluster support, will likely extend the fall from 149.76 through 109.20 low.

Daily Pivots: (S1) 123.72; (P) 124.32; (R1) 125.27; More…

Intraday bias in EUR/JPY remains neutral as the consolidation from 125.80 short term top continues. More consolidative trading would be seen and another fall cannot be ruled out. But downside should be contained by 38.2% retracement of 114.84 to 125.80 at 121.61 to bring rise resumption. We’re staying mildly bullish in the cross. And, break of 126.09 key resistance will extend the whole rebound from 109.03 to 100% projection of 109.03 to 124.08 from 114.84 at 129.89.

In the bigger picture, focus is back on 126.09 support turned resistance. Decisive break there will confirm completion of the down trend from 149.76. And in such case, rise from 109.20 is at the same degree and should target 141.04 resistance and above. Meanwhile, rejection from 126.09 and break of 114.84 will extend the fall from 149.76 through 109.20 low.

Daily Pivots: (S1) 164.55; (P) 164.82; (R1) 165.25; More…

Range trading continues in EUR/JPY and intraday bias stays neutral. Consolidation from 165.33 could extend further. On the upside, firm break of 165.33 will resume larger up trend towards 169.96 key resistance next. However, decisive break of 162.59 will argue that it’s at least correcting the rise from 153.15, and target 38.2% retracement of 153.15 to 165.33 at 160.67.

In the bigger picture, current rally is part of the up trend from 114.42 (2020 low), which is still in progress. Next target is 169.96 (2008 high). Break of 160.20 support is needed to be the first sign of medium term topping. Otherwise, outlook will stay bullish in case of retreat.

Daily Pivots: (S1) 170.74; (P) 171.07; (R1) 171.43; More…

Intraday bias in EUR/JPY remains neutral at this point. Some consolidations could be seen first but further rally will remain in favor as long as 169.31 support hold, for 61.8% projection of 164.01 to 170.87 from 167.52 at 171.75. However, firm break of 169.31 will turn bias back to the downside for 167.52 support instead.

In the bigger picture, strong support from 55 D EMA indicates that the long term up trend is still in progress. Decisive break of 171.58 will confirm resumption and target 100% projection of 139.05 to 164.29 from 153.15 at 178.38. For now outlook will stay bullish as long as 164.01 support holds, even in case of deep pullback.

Daily Pivots: (S1) 120.30; (P) 121.06; (R1) 121.52; More…

EUR/JPY’s fall from 122.88 resumed by breaking 120.65 and reaches as low as 120.43 so far. Intraday bias is back on the downside for 120.01 support. Overall, price actions from 124.08 are seen as a consolidation pattern. Strong support is expected from 118.45 (38.2% retracement of 109.20 to 124.08 at 118.39) to contain downside and bring rebound. Above 121.83 minor resistance will turn bias to the upside for 122.88 and then 124.08.

In the bigger picture, we’re holding on to the view that medium term rise from 109.20 is still in progress. Focus is on 126.09 key resistance level. Sustained break will confirm completion of the whole decline from 149.76. And rise from 109.20 is of the same degree as the fall from 149.76. In such case, further rally would be seen to 104.04 resistance and possibly above before topping. Meanwhile, rejection from 126.09, or firm break of 118.45 cluster support, will likely extend the fall from 149.76 through 109.20 low.

Daily Pivots: (S1) 121.65; (P) 121.90; (R1) 122.06; More….

EUR/JPY is staying in consolidation from 122.65. Intraday bias remains neutral and another fall cannot be ruled out. but downside should be contained above 119.99 support to bring another rally. Prior support from 55 day EMA is a sign of near term bullishness. On the upside, break of 122.65 will target 123.35 resistance first. Break will target key channel resistance (now at 124.58).

In the bigger picture, EUR/JPY is still staying in the falling channel established since 137.49 (2018 high). Rise from 115.86 is seen as a corrective rise for the moment. Strong resistance could be seen at falling channel resistance (now at 124.72) to limit upside. However, sustained break of the channel resistance will carry larger bullish implication and target 127.50 key resistance next.

Daily Pivots: (S1) 132.40; (P) 132.62; (R1) 133.06; More….

Intraday bias in EUR/JPY remains on the upside for the moment. Current up trend should now target 100% projection of 114.42 to 127.07 from 121.63 at 134.28. On the downside, break of 131.63 support is needed to indicate short term topping. Otherwise, outlook will remain bullish in case of retreat.

In the bigger picture, rise from 114.42 is seen as a medium term rising leg inside a long term sideway pattern. Further rise is expected as long as 127.07 resistance turned support holds. Next target is 137.49 (2018 high). Decisive break there will open up the possibility that it’s indeed resuming the up trend from 94.11 (2012 low).

Daily Pivots: (S1) 117.91; (P) 118.71; (R1) 119.18; More…

Intraday bias in EUR/JPY remains cautiously on the downside for the moment. Current development argues that whole rebound from 109.20 has completed at 124.08 already. Sustained trading below 118.45 cluster support (38.2% retracement of 109.20 to 124.08 at 118.39) will confirm. In such case, EUR/JPY should target 61.8% retracement at 114.88 and below. On the upside, though, break of 119.85 minor resistance will indicate short term bottoming and turn bias back to the upside for 121.32 resistance instead.

In the bigger picture, price actions from 109.20 medium term bottom are seen as part of a medium term corrective pattern from 149.76. Current development argues that it’s completed at 124.08, ahead of 126.09 key resistance level. Deeper fall would be seen back to 109.20 low. Break there will extend the whole medium term down trend from 149.76 high.

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Daily Pivots: (S1) 129.43; (P) 129.87; (R1) 130.19; More….

EUR/JPY is staying in consolidation from 128.58 and intraday bias remains neutral at this point. Near term outlook stays bearish as long as 131.07 resistance holds. On the downside, break of 128.58 will resume the fall from 134.11, and target 127.07 resistance turned support next.

In the bigger picture, rise from 114.42 is seen as a medium term rising leg inside a long term sideway pattern. As long as 127.07 resistance turned support holds, further rise is still expected to retest 137.49 (2018 high). However, firm break of 127.07 will argue that the medium term trend has reversed, and open up the case for retesting 114.42.

Daily Pivots: (S1) 131.45; (P) 131.86; (R1) 132.28; More….

Focus remains on 131.65 key support in EUR/JPY Decisive break there will confirm rejection from 134.20 fibonacci level. That will also complete and double top pattern (134.39, 134.48) and confirms near term reversal. 55 day EMA will also be firmly taken out. In that case, deeper decline should be seen back to 127.55 key support. On the upside, decisive break of 134.39/48 resistance zone is needed to confirm up trend resumption. Otherwise, even in case of rebound, near term outlook is neutral at best.

In the bigger picture, medium term rise from 109.03 (2016 low) is seen as at the same degree as the down trend from 149.76 (2014 high) to 109.03 (2016 low). 61.8% retracement of 149.76 to 109.03 at 134.20 is already met. Sustained break there will pave the way to key long term resistance zone at 141.04/149.76. However, break of 127.55 support will argue that the medium term trend has reversed and will turn outlook bearish for deeper fall back to 114.84/124.08 support zone at least.

Daily Pivots: (S1) 121.89; (P) 122.11; (R1) 122.24; More….

Intraday bias in EUR/JPY remains neutral at this point. We’re still favoring the case that consolidation from 120.78 has completed with three waves to 123.35. Below 121.31 will target retest of 120.78 first. Break will resume fall from 127.50 to 118.62 low. In case of another rise as consolidation from 120.78 extends, upside should be limited by 123.73 resistance to bring fall resumption eventually.

In the bigger picture, down trend from 137.49 is still in progress with the cross staying inside long term falling channel. Break of 118.62 will extend the fall to 109.48 (2016 low). On the upside, break of 127.50 resistance is needed to be the first sign of medium term reversal. Otherwise, outlook will remain bearish in case of strong rebound.

Daily Pivots: (S1) 155.92; (P) 156.85; (R1) 157.46; More….

Intraday bias in EUR/JPY remains neutral and outlook is unchanged. On the upside, sustained break of 157.99 will confirm resumption of larger up trend, and target 162.82 projection level next. Nevertheless, break of 155.57 minor support will bring deeper decline to extend the corrective pattern from 157.99.

In the bigger picture, as long as 151.60 resistance turned support holds, rise from 114.42 (2020 low) is in progress. On resumption, next target is 100% projection of 124.37 to 148.38 from 138.81 at 162.82. Nevertheless, sustained break of 151.60 will argue that larger correction is already underway.

Daily Pivots: (S1) 135.06; (P) 135.35; (R1) 135.80; More….

Intraday bias in EUR/JPY remains neutral and more consolidation would be seen in range of 133.03/136.63. But after all, outlook stays bullish with 133.03 support intact. Break of 136.63 will resume medium term up trend. However, on the downside, break of 133.03 will have 55 day EMA and medium term channel support firmly taken out. Also, considering bearish divergence condition in daily MACD too, that will suggest medium term reversal. Deeper fall should then be seen to 132.04 support for confirmation.

In the bigger picture, medium term rise from 109.03 (2016 low) is seen as at the same degree as the down trend from 149.76 (2014 high) to 109.03 (2016 low). It should be targeting 141.04/149.76 resistance zone. On the downside, break of 132.04 support is needed to indicate medium term reversal. Otherwise, outlook will stay bullish in case of deep pull back.

Daily Pivots: (S1) 134.29; (P) 135.21; (R1) 135.89; More….

Intraday bias in EUR/JPY remains neutral but outlook stays bullish with 133.03 support intact. Break of 136.63 will resume medium term up trend. However, on the downside, break of 133.03 will have 55 day EMA and medium term channel support firmly taken out. Also, considering bearish divergence condition in daily MACD too, that will suggest medium term reversal. Deeper fall should then be seen to 132.04 support for confirmation.

In the bigger picture, medium term rise from 109.03 (2016 low) is seen as at the same degree as the down trend from 149.76 (2014 high) to 109.03 (2016 low). It should be targeting 141.04/149.76 resistance zone. On the downside, break of 132.04 support is needed to indicate medium term reversal. Otherwise, outlook will stay bullish in case of deep pull back.

Daily Pivots: (S1) 132.58; (P) 133.01; (R1) 133.38; More….

Intraday bias in EUR/JPY remains neutral for consolidation below 133.42 temporary top. But downside should be contained well above 130.97 to bring rally resumption. On the upside, break of 133.42 will resume larger up trend from 114.42, and target 100% projection of 114.42 to 127.07 from 121.63 at 134.28.

In the bigger picture, rise from 114.42 is seen as a medium term rising leg inside a long term sideway pattern. Further rise is expected as long as 127.07 resistance turned support holds. Next target is 137.49 (2018 high). Decisive break there will open up the possibility that it’s indeed resuming the up trend from 94.11 (2012 low).

Daily Pivots: (S1) 130.06; (P) 130.65; (R1) 131.52; More….

Intraday bias in EUR/JPY remains on the upside at this point. As noted before, corrective pattern from 134.11 could have already completed at 127.91. Further rise should be seen to retest 134.11 high. On the downside, below 130.29 minor support will dampen the bullish case and turn intraday bias neutral first.

In the bigger picture, rise from 114.42 is seen as a medium term rising leg inside a long term sideway pattern. As long as 127.07 resistance turned support holds, further rise is still expected to retest 137.49 (2018 high). However, firm break of 127.07 will argue that the medium term trend has reversed, deeper fall would be seen to 61.8% retracement of 114.42 to 134.11 at 121.94.

Daily Pivots: (S1) 134.37; (P) 134.85; (R1) 135.39; More….

Intraday bias in EUR/JPY remains neutral but outlook stays bullish with 133.03 support intact. Break of 136.63 will resume medium term up trend. However, on the downside, break of 133.03 will have 55 day EMA and medium term channel support firmly taken out. Also, considering bearish divergence condition in daily MACD too, that will suggest medium term reversal. Deeper fall should then be seen to 132.04 support for confirmation.

In the bigger picture, medium term rise from 109.03 (2016 low) is seen as at the same degree as the down trend from 149.76 (2014 high) to 109.03 (2016 low). It should be targeting 141.04/149.76 resistance zone. On the downside, break of 132.04 support is needed to indicate medium term reversal. Otherwise, outlook will stay bullish in case of deep pull back.

Daily Pivots: (S1) 120.22; (P) 120.67; (R1) 121.19; More….

Intraday bias in EUR/JPY remains neutral for consolidation below 121.46. Deeper retreat could be seen, but downside should be contained by 119.11 support. On the upside break of 121.46 will resume the rise from 115.86 to 123.35 resistance next.

In the bigger picture, current development argues that a medium term bottom is formed at 115.86, on bullish convergence condition in daily MACD, ahead of 114.84 support. Decisive of 120.78 support turned resistance will affirm this case and bring further rise to falling channel resistance (now at 125.71). Reactions from there would decide whether the medium term has reversed. For now, further rise is expected as long as 117.07 support holds.

Daily Pivots: (S1) 168.50; (P) 168.86; (R1) 169.42; More…

Range trading continues in EUR/JPY and intraday bias stays neutral. On the downside, break of 168.01 support will strengthen the case that rise from 164.31 has completed at 170.78 already. Intraday bias will be back on the downside for 167.31 support, and then 164.01. Nevertheless, break of 170.87 will resume the rally to retest 171.58 high instead.

In the bigger picture, a medium top was formed at 171.58 after brief breach of 169.96 (2008 high). But as long as 55 W EMA (now at 159.51) holds, price actions from there is seen as correcting the rise from 153.15 only. That is, larger up trend remains in favor to continue. However, sustained break of 55 W EMA will argue that larger scale correction is underway and target 153.15 support.

Daily Pivots: (S1) 128.26; (P) 128.64; (R1) 128.95; More….

EUR/JPY is staying in consolidation form 128.23 and intraday bias remains neutral at this point. Outlook is unchanged that corrective pattern from 134.11 is extending with another falling leg. Further decline is expected as long as 129.76 resistance holds. Below 128.23 will target 127.36, and possibly further to 126.58 fibonacci level. On the upside, above 129.76 minor resistance will turn bias back to the upside to 131.59 resistance instead.

In the bigger picture, price actions from 134.11 are currently seen as a consolidation pattern only. As long as 38.2% retracement of 114.42 (2020 low) to 134.11 at 126.58 holds, up trend from 114.42 is still in favor to continue. Break of 134.11 will target long term resistance at 137.49 (2018 high). However, sustained break of 126.58 will raise the chance of medium term bearish reversal. In this case, deeper decline would be seen to 61.8% retracement at 121.94, and possibly below.