EUR/JPY’s fall from 175.41 short term top extended lower last week but recovered after hitting 169.98. Initial bias remains neutral this week first, and further fall is in favor as long as 172.91 resistance holds. Below 169.98 will target 38.2% retracement of 153.15 to 175.41 at 166.90, as a correction to whole rise from 153.15. On the upside, though, break of 172.91 resistance will revive near term bullishness and bring retest of 175.41 high.

In the bigger picture, medium term outlook will stay bullish as long as 164.29 resistance turned support holds. Long term up trend is still in favor to continue through 175.41 at a later stage. However, firm break of 164.29 will be a strong sign of bearish trend reversal.

In the long term picture, rise from 114.42 (2020 low) is seen as the third leg of the whole up trend from 94.11 (2012 low). Next target is 138.2% projection of 94.11 to 149.76 from 114.42 at 191.32. This will remain the favored case as long as 164.29 resistance turned support holds.

Daily Pivots: (S1) 123.38; (P) 123.75; (R1) 124.47; More….

Intraday bias in EUR/JPY stays neutral first and further decline is still in favor with 124.31 resistance intact. On the downside, sustained break of 38.2% retracement of 114.42 to 127.07 at 122.23 will extend the fall from 127.07 to 61.8% retracement at 119.25, which is close to 119.31 key support. However, sustained break of 124.31 will argue that the pull back from 127.07 has completed. Intraday bias will be turned back to the upside for retesting this high.

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 119.31 support holds. Break of 127.07 will target 61.8% retracement of 137.49 (2018 high) to 114.42 at 128.67 next. However, firm break of 119.31 will argue that the rise from 114.42 has completed and turn focus back to this low.

Despite dipping to 169.05 last week, EUR/JPY quickly recovered. Initial bias is neutral this week first. Break of 170.78 will resume the rally from 164.01 to retest 171.58 high. On the downside, however, below 169.05 will bring deeper fall to 167.31 support. Firm break there should confirm that rise from 164.01 has completed.

In the bigger picture, a medium top could be formed at 171.58 after brief breach of 169.96 (2008 high). But as long as 55 W EMA (now at 159.15) 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.

In the long term picture, rise from 114.42 (2020 low) is seen as the third leg of the whole up trend from 94.11 (2012 low). 100% projection of 94.11 to 149.76 from 114.42 at 170.07 was already met but there is no signal of reversal yet. Firm break of 170.07 will target 138.2% projection at 191.32. This will remain the favored case as long as 153.15 support holds.

Daily Pivots: (S1) 122.73; (P) 123.56; (R1) 124.19; More…

No change in EUR/JPY’s outlook as consolidation from 125.80 is still in progress. Deeper fall could be seen 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. Nonetheless, firm break of 121.61 will dampen our bullish view and bring deeper fall to 61.8% retracement at 119.02.

In the bigger picture, focus is staying 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) 138.52; (P) 139.03; (R1) 139.45; More….

Intraday bias in EUR/JPY remains neutral for the moment. On the downside, break of 137.32 will resume the decline from 145.62 to 133.38 key support next. On the upside, though, break of 142.28 will turn bias back to the upside for retesting 145.62 high.

In the bigger picture, as long as 133.38 support holds, the up trend from 114.42 (2020 low) could still extend through 145.62 high. In that case, next target 149.76 (2015 high). However, sustained break of 133.38 will be a sign of medium term bearish reversal and bring deeper fall to 124.37 support first.

EUR/JPY’s rebound from 118.23 short term bottom continued last week and reached as high as 122.82. Outlook is unchanged that correction from 124.08 has completed at 118.23 after defending 118.45 cluster support (38.2% retracement of 109.20 to 124.08 at 118.39). Rise from 109.20 is likely resuming.

Initial bias remains on the upside this week for 124.08 high. Break will resume whole medium term rally from 109.20 and target 126.09 key resistance next. On the downside, below 121.88 minor support will turn bias neutral and bring retreat before staging anther rally.

In the bigger picture, current development suggests that medium term rise from 109.20 is still in progress. Focus is now 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 will extend the fall from 149.76 through 109.209 low.

In the long term picture, medium term decline from 149.76 is seen as part of a long term sideway pattern from 88.96. Decisive break of 126.09 will indicate that such decline is completed and EUR/JPY has started another medium term rally already. Before that, deeper fall is mildly in favor towards 94.11 low. Overall,, long term rang trading will continue.

Daily Pivots: (S1) 156.26; (P) 156.52; (R1) 156.96; More….

Intraday bias in EUR/JPY remains neutral for the moment. Near term outlook stays bearish as long as 158.46 resistance holds. Break of 154.32 will resume the whole fall from 159.75 to 151.39 support. Nevertheless, break of 158.464 will argue that the pull back has completed, and turn bias back to the upside.

In the bigger picture, price actions from 159.75 are views as a corrective pattern for now. As long as 151.39 support holds, rise from 114.42 (2020 low) is still expected to continue through 159.75 at a later stage. Nevertheless, firm break of 176.29 will confirm medium term topping, and bring lengthier and deeper correction.

Daily Pivots: (S1) 128.72; (P) 129.04; (R1) 129.47; More….

Intraday bias in EUR/JPY is turned neutral with current recovery. On the upside, above 129.63 minor resistance will turn bias back to the upside for 130.73. Firm break there will reaffirm the case that whole correction from 134.11 has completed, and turn near term outlook bullish. On the downside, though, break of 128.59 will bring deeper fall to 127.91 support.

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) 129.26; (P) 129.59; (R1) 130.23; More….

EUR/JPY’s firm break of 130.45 resistance suggests that corrective pattern from 134.11 has already completed at 127.91. Intraday bias is now on the upside and 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) 132.87; (P) 133.49; (R1) 133.89; More…

At this point, EUR/JPY is staying in range of 131.69/134.39 and intraday bias remains neutral first. on the upside, decisive break of 134.39 high will confirm up trend resumption. In such case, EUR/JPY should target 141.04 long term resistance. However, firm break of 131.69 will be an early sign of medium term reversal and will target 127.55 key support level.

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.

EUR/JPY’s rally extended to as high as 124.04 last week, just inch below 124.08 resistance. The development confirmed that rise from 109.03 is resuming. Further rally is expected this week for 126.09 resistance next.

Initial bias in EUR/JPY remains on the upside this week. Break of 124.08 will resume whole rise from 109.03 and target 126.09 key resistance next. Break there will pave the way to 100% projection of 109.03 to 124.08 from 114.84 at 129.89. On the downside, below 122.92 minor support will turn bias neutral and bring retreat first.

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.

In the long term picture, medium term decline from 149.76 is seen as part of a long term sideway pattern from 88.96. We’re not seeing any sign of an established long term trend yet. Hence, we’ll be cautious on strong support at 94.11 in case of another fall. Also, there could be strong resistance at 149.76 in case of a medium term rise.

Daily Pivots: (S1) 132.71; (P) 133.08; (R1) 133.40; More….

Intraday bias in EUR/JPY remains neutral as range trading continues. On the upside, decisive break of 134.39/48 resistance zone will confirm medium term up trend resumption. In that case, 141.04 resistance will be the next time. On the downside, though, decisive break of 131.65 will confirm rejection from 134.20 fibonacci level and confirm near term reversal. And, in such case, intraday bias will be turned to the downside for 127.55 key support level.

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) 130.97; (P) 132.02; (R1) 133.46; More…

Intraday bias in EUR/JPY remains on the upside for the moment. Current medium term rise should target 134.20 fibonacci level next. Firm break there will pave the way to 141.04 resistance next. On the downside, break of 130.60 support is needed to indicate short term topping. Otherwise outlook will remain bullish in case of retreat.

In the bigger picture, current rise from 109.03 is seen as at the same degree as the down trend from 149.76 (2014 high) to 109.03 (2016 low). as long as 124.08 resistance turned support holds, further rise is expected to 61.8% retracement of 149.76 to 109.03 at 134.20. Sustained break there will pave the way to key long term resistance zone at 141.04/149.76. ON the downside, break of 127.55 support is needed to be the first signal of medium term reversal. Otherwise, outlook will remain bullish.

Daily Pivots: (S1) 135.05; (P) 135.51; (R1) 136.02; More….

Intraday bias in EUR/JPY remains neutral at this point. outlook stays bullish and further rally is in favor. Break of 136.63 will resume medium term up trend. However, below 133.03 will turn focus to 132.04. Firm break there will indicate medium term reversal.

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) 115.78; (P) 116.66; (R1) 117.09; More…

EUR/JPY’s decline accelerates to as low as 115.92 so far and intraday bias remains on the downside. Current fall from 124.08 should target 61.8% retracement of 109.20 to 124.08 at 114.88 next. And, sustained break there will pave the way to retest 109.20 low. On the upside, above 117.31 minor resistance will turn bias neutral and bring consolidations. But upside should be limited below 119.31 support turned resistance and bring another fall.

In the bigger picture, the firm break of 38.2% retracement of 109.20 to 124.08 at 118.39 indicates that medium term rise from 109.20 is completed at 124.08. That’s well below 126.09 key support turned resistance. Also, EUR/JPY failed to sustain above 55 week EMA. Deeper decline would now be seen back to 109.20 low. Overall, the down trend from 149.76 (2014 high) is not completed yet. Break of 109.20 will resume such down trend towards 94.11 low. In any case, break of 126.09 is needed needed to confirm medium term reversal.

Daily Pivots: (S1) 124.60; (P) 124.87; (R1) 125.34; More…

EUR/JPY surges to as high as 126.24 and broke 125.80/126.09 resistance zone. The development indicates resumption of rise from 114.84 and that from 109.03. Intraday bias is back on the upside for 100% projection of 109.03 to 124.08 from 114.84 at 129.89. On the downside, below 124.73 minor support will turn bias neutral first. But outlook will stay bullish as long as 122.39 support holds.

In the bigger picture, focus is staying 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) 131.79; (P) 132.10; (R1) 132.37; More….

EUR/JPY is staying in range trading below 134.48 and intraday bias remains neutral. Overall, 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. On the downside, decisive break of 131.65 will confirm rejection from 134.20 fibonacci level and confirm near term reversal. And, in such case, intraday bias will be turned to the downside for 127.55 key support level.

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) 128.55; (P) 128.96; (R1) 129.31; More….

Intraday bias in EUR/JPY stays mildly on the downside for retesting 127.91 support. Firm break there will resume the whole decline from 134.11 to 127.07 resistance turned support next. On the upside, though, break of 130.45 resistance will now argue that whole correction from 134.11 has completed and turn near term outlook bullish for retesting this high.

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) 130.56; (P) 130.77; (R1) 131.10; More….

Focus stays on 131.02 minor resistance in EUR/JPY. Firm break there 131.02 resistance will argue that corrective fall from 134.11 might have completed with three waves down to 129.60 already, on bullish convergence condition in 4 hour MACD. Intraday bias will be turned back to the upside for 132.68 resistance and above. On the downside, break of 129.60 will resume the the correction. But we’d expect strong support from 38.2% retracement of 121.63 to 134.11 at 129.34 to bring rebound.

In the bigger picture, rise from 114.42 is seen as a medium term rising leg inside a long term sideway pattern. 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). For now, outlook will stay bullish as long as 127.07 resistance turned support holds, in case of pull back.

Daily Pivots: (S1) 124.84; (P) 125.12; (R1) 125.34; More…

Intraday bias in EUR/JPY remains neutral as consolidation from 125.80 extends. Another fall could be seen 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.