Daily Pivots: (S1) 132.75; (P) 133.12; (R1) 133.79; More…

EUR/JPY is staying in consolidation in range of 131.73/134.39 and intraday bias remains neutral at this point. Near term outlook remains bullish as long as 131.69 holds. Sustained break of 134.20 fibonacci level will extend larger up trend to 141.04 resistance next. However, break of 131.69 will be an early sign of medium term reversal and will target 127.55 key support level instead.

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 reversal and will turn outlook bearish for deeper fall.

Daily Pivots: (S1) 122.16; (P) 122.94; (R1) 123.47; More…

Intraday bias in EUR/JPY remains neutral as consolidation from 124.08 continues. Overall, further rally is in favor as long as 120.90 support holds. Above 124.08 will target 126.09 key resistance next. As rise from 109.20 is still seen as a corrective pattern, we’d be cautious on topping around 126.09. Meanwhile, break of 120.90 will indicate short term topping and turn bias to the downside for 55 days EMA (now at 120.27) and below.

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. There is prospect of another rise towards 126.09 key resistance level before completion. But even in that case, we’d expect strong resistance between 126.09 and 141.04 to limit upside, at least on first attempt. Sustained trading below 55 day EMA will pave the way to retest 109.20.

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EUR/JPY’s up trend resumed last week and hit as high as 148.38. But subsequent retreats indicates that it’s turned into another consolidation phase. Initial bias is turned neutral this week first. Downside should be contained by 140.88/144.06 support zone to bring another rally. Break of 148.38 will resume larger up trend to 100% projection of 133.38 to 145.62 from 137.32 at 149.56, which is close to 149.76 long term resistance.

In the bigger picture, the up trend from 114.42 (2020 low) is still in progress for 149.76 (2014 high). Decisive break there will pave the way to 161.8% projection of 114.42 to 134.11 from 124.37 at 156.22. This will now remain the favored case as long as 137.32 support holds.

In the long term picture, there is sign of upside acceleration with strong break of long term channel resistance. Outlook will stay bullish as long as 134.11 resistance turned support holds. Sustained break of 149.76 (2014 high) will open up further rally, as resumption of the rise from 94.11 (2012 low), towards 169.96 (2008 high).

Daily Pivots: (S1) 117.02; (P) 118.50; (R1) 119.87; More….

Intraday bias in EUR/JPY stays neutral for the moment. On the upside, firm break of 121.39 will reaffirm the strong support from 115.86, and pave the way back to 112.87 resistance next. On the downside, sustained break of 115.86 will indicate larger down trend resumption.

In the bigger picture, outlook remains bearish as the cross is staying well inside falling channel established since 137.49 (2018 high). As long as 122.87 resistance holds, the down trend should resume sooner or later to 114.84 support next. However, sustained break of 122.87 will complete a double bottom (115.86, 116.12) which could indicate medium term bullish reversal.

Daily Pivots: (S1) 140.96; (P) 142.48; (R1) 143.53; More….

Intraday bias in EUR/JPY is mildly on the downside at this point. Current fall is viewed as the third leg of the consolidation from 144.23. Deeper decline could be seen to 137.83 support. On the upside, decisive break of 144.23 will resume larger up trend.

In the bigger picture, up trend from 114.42 (2020 low) is in progress. Such rise is seen as the third leg of the pattern from 109.30 (2016 low). Sustained trading above 100% projection of 114.42 to 134.11 from 124.37 at 144.06 will indicate upside acceleration and target 149.76 long term resistance (2014 high). In any case, outlook will now remain bullish as long as 132.63 support holds, in case of deep pull back.

Daily Pivots: (S1) 130.94; (P) 131.27; (R1) 131.69; More….

EUR/JPY is losing some upside momentum but further rally is expected as long as 130.01 minor support holds. As noted before, whole consolidation from 134.11 could have completed with three waves down to 127.36, ahead of 126.58 medium term fibonacci level. Further rally should be seen to target a test on 133.44/134.11 resistance zone. On the downside, break of 130.01 minor support will turn bias bias to the downside for retesting 127.36 low instead.

In the bigger picture, 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.

Daily Pivots: (S1) 157.48; (P) 157.89; (R1) 158.58; More….

Intraday bias in EUR/JPY is turned neutral with current recovery. On the upside, firm break of 158.51 will argue that larger up trend is ready to resume through 159.75, to 163.06 projection target. On the downside, sustained trading below 55 D EMA (now at 156.68) will argue that fall from 159.75 is a larger scale correction. Deeper fall would be seen back towards 151.39 support.

In the bigger picture, rise from 114.42 (2020 low) is in progress. Next target is 100% projection of 124.37 to 148.38 from 139.05 at 163.06. Sustained break there will pave the way to retest long term resistance at 169.96. This will remain the favored case as long as 151.39 support holds, even in case of deep pull back.

Daily Pivots: (S1) 158.45; (P) 158.84; (R1) 159.08; More….

Intraday bias in EUR/JPY remains neutral at this point. Downside of retreat should be contained above 155.51 support to bring another rally. On the upside, break of 159.20 will resume larger up trend, and target 61.8% projection of 139.05 to 157.99 from 151.39 at 163.09 next.

In the bigger picture, rise from 114.42 (2020 low) is in progress. Next target is 100% projection of 124.37 to 148.38 from 139.05 at 163.06. Sustained break there will pave the way to retest long term resistance at 169.96. This will now remain the favored case as long as 151.39 support holds, even in case of deep pull back.

EUR/JPY extended the corrective pattern from 148.38 last week and outlook is unchanged. Initial bias is neutral this week first. On the upside, above 146.12 minor resistance will bring stronger rally back to retest 148.38 high. On the downside, break of 142.54 support will bring deeper correction.

In the bigger picture, there is no clear sign of medium term topping yet. Up trend from 114.42 (2020 low) could still resume through 148.38 to 149.76 (2014 high). However, break of 137.32 support argue that a medium term correction has already started to correct the whole up trend from 114.42.

In the long term picture, outlook will stay bullish as long as 134.11 resistance turned support holds (2021 high). Sustained break of 149.76 (2014 high) will open up further rally, as resumption of the rise from 94.11 (2012 low), towards 169.96 (2008 high).

Daily Pivots: (S1) 154.54; (P) 155.32; (R1) 156.76; More..

EUR/JPY’s recovery from 153.15 extends higher today but outlook is unchanged. Upside should be limited below 158.36 minor resistance to bring another fall. On the downside, below 155.98 will turn bias to the downside for retesting 153.15. Break of 153.15 and sustained trading below 38.2% retracement of 139.05 to 164.29 at 154.64 will target 61.8% retracement at 148.69 next.

In the bigger picture, price actions from 164.29 medium term top are tentatively seen as a correction to rise from 139.05 for now. As long as 148.48 resistance turned support holds (2022 high), larger up trend from 114.42 (2020 low) could still resume through 164.29 at a later stage.

Daily Pivots: (S1) 128.10; (P) 128.51; (R1) 129.09; More….

EUR/JPY is staying in range of 127.49/129.10 and intraday bias remains neutral. Near term outlook stays mildly bearish as long as 130.14 resistance holds. On the downside, below 127.49 will target 126.63 support first. Break there will resume whole fall from 133.12 and target 124.08/89 support zone. On the upside, however, break of 130.14 will resume the rebound from 126.63 towards 133.12 resistance.

In the bigger picture, as long as 124.08 key resistance turn supported holds, larger up trend from 109.03 (2016 low) is still in progress. Firm break of 137.49 structural resistance will target 141.04/149.76 resistance zone next. However, decisive break of 124.08 will argue that such rise from 109.03 has completed and turn outlook bearish. In that case, deeper fall would be seen to 61.8% retracement of 109.03 to 137.49 at 119.90.

Daily Pivots: (S1) 128.00; (P) 128.39; (R1) 128.85; More….

EUR/JPY’s rebound from 146.89 extends higher to 128.69 so far and met 55 day EMA already. Intraday bias stays on the upside and further rally could be seen towards 131.97 resistance. On the downside, break of 127.33 minor support will suggest that the rebound has completed and bring retest of 124.61/89 support zone.

In the bigger picture, focus is back on 124.08 key resistance turned support. Decisive break there will argue that whole rise from 109.03 (2016 low) has completed at 137.49. Deeper decline would be seen to 61.8% retracement of 109.03 to 137.49 at 119.90 next. Sustained break there will pave the way to 109.03 and below. Meanwhile, rebound from 124.08 will keep medium term bullishness intact for another high above 137.49.

Daily Pivots: (S1) 126.02; (P) 126.35; (R1) 126.70; More….

Intraday bias in EUR/JPY remains mildly on the upside at this point. Current rebound from 125.07 would target a test on 127.48 high. On the downside, below 125.98 minor support will turn bias neutral again first.

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 121.63 support holds. Decisive break of 127.07 will target 61.8% retracement of 137.49 (2018 high) to 114.42 at 128.67. Sustained trading above there will target 137.49 next. However, firm break of 121.63 will argue that the rise from 114.42 has completed and turn focus back to this low.

Daily Pivots: (S1) 119.53; (P) 120.18; (R1) 120.69; More…

EUR/JPY’s fall from 122.88 is still in progress and intraday bias stays on the downside for the moment. With a break of 120.01 minor support, the cross should now target 118.39/45 key cluster level again (38.2% retracement of 109.20 to 124.08 at 118.39). However, as such decline is viewed as part of the consolidation pattern from 124.08, we’d expect strong support from 118.39/45 to contain downside and bring rebound. On the upside, above 120.81 minor resistance will turn bias back 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) 122.22; (P) 122.47; (R1) 122.87; More….

EUR/JPY’s corrective recovery from 120.78 might extend higher. But upside should be limited below 123.73 resistance to bring fall resumption. On the downside, below 122.10 minor support will turn bias to the downside for retesting 120.78 first. Break of 120.78 will resume the fall from 127.50 and target 118.62 low next. However, sustained break of 123.73 will indicate short term reversal and turn outlook bullish for 127.50 resistance again.

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) 128.86; (P) 129.42; (R1) 129.90; More….

Today’s recovery pulled 4 hour MACD above signal line. A temporary low is in place at 128.94 and intraday bias in EUR/JPY is turned neutral first. Near term outlook will remain bearish as long as 132.40 resistance holds. Break of 128.94 will extend the whole fall from 137.49 to 126.61 medium term fibonacci level next. Nonetheless, break of 132.40 should confirm short term bottoming and turn bias back to the upside for stronger rebound.

In the bigger picture, current development argues that rise from 109.03 (2016 low) has completed at 137.49, on bearish divergence condition in weekly MACD. Deeper fall should be seen to 38.2% retracement of 109.03 to 137.49 at 126.61 first. Sustained break there would pave the way to 61.8% retracement at 119.90. On the upside, break of 132.40 resistance will indicate that the pull back is completed and bring retest of 137.49. But still, break of 137.49 is needed to confirm medium term rise resumption. Otherwise, outlook is neutral at best for consolidations.

Daily Pivots: (S1) 120.19; (P) 120.50; (R1) 120.90; More….

Intraday bias in EUR/JPY stays neutral for the moment. On the upside, above 121.01 will bring retest of 121.46 resistance. On the downside, below 120.10 will target 119.24 support. Overall, as long as 119.11 support holds, outlook remains bullish. Larger rise from 115.86 is still in favor to resume through 121.46 at a later stage.

In the bigger picture, the rebound from 115.86 medium term bottom is seen as a corrective rise only. In case of another rise, strong resistance should be seen from falling channel resistance (now at 125.14) to limit upside. Break of 117.07 support will be an early sign of resumption of down trend from 137.49 through 115.86 low.

Daily Pivots: (S1) 127.76; (P) 128.44; (R1) 128.91; More….

Intraday bias in EUR/JPY remains neutral for the moment and near term outlook stays cautiously bearish. On the downside, break of 127.49 will target 126.63 support first. Break there will then resume the whole decline from 133.12 to 124.08/89 support zone. And, even in case of another strong recovery, outlook will stay bearish as long as 130.14 resistance holds.

In the bigger picture, as long as 124.08 key resistance turn supported holds, larger up trend from 109.03 (2016 low) could still resume. Firm break of 137.49 structural resistance will target 141.04/149.76 resistance zone next. However, decisive break of 124.08 will argue that such rise from 109.03 has completed and turn outlook bearish. In that case, deeper fall would be seen to 61.8% retracement of 109.03 to 137.49 at 119.90.

EUR/JPY’s down trend resumed last week and hit as low as 114.42. As a temporary low was formed, initial bias stays neutral this week first. Some consolidations might be seen but upside should be limited well below 117.77 resistance to bring another decline. On the downside, break of 114.42 should target 161.8% projection of 122.87 to 116.12 from 121.14 at 110.21 next.

In the bigger picture, the down trend from 137.49 (2018 high) is still in progress. EUR/JPY continues to stay well inside falling channel and below falling 55 week EMA. Deeper fall could be seen to retest 109.48 (2016 low) next. On the upside, break of 122.87 resistance is needed to confirm medium term bottoming. Otherwise, outlook will stay bearish in case of rebound.

In the long term picture, EUR/JPY is staying in long term sideway pattern, established since 2000. Fall from 137.49 is seen as a falling leg inside the pattern. This falling leg would target 109.48 (2016 low). With EUR/JPY staying below 55 month EMA (now at 124.57), this is the preferred case.

Daily Pivots: (S1) 136.19; (P) 137.29; (R1) 137.97; More….

Intraday bias in EUR/JPY is turned neutral with current retreat. On the upside, break of 138.38, and sustained trading above 55 day EMA (now at 138.44) will suggest that whole correction from 144.26 has completed. Further rally would then be seen back to retest 144.26 high. However, break of 135.63 will turn bias back to the downside for 133.38 low instead.

In the bigger picture, up trend from 114.42 (2020 low) is seen as the third leg of the pattern from 109.30 (2016 low). Further rally is in favor as long as 134.11 resistance turned support holds, even in case of deep pull back. Next target is 149.76 (2015 high). However, sustained break of 134.11 will be a sign of medium term bearish reversal and turn focus to 124.37 support for confirmation.