EUR/JPY edged higher to 121.01 last week but reversed from there. Recovery from 119.24 should have completed. Initial bias is on the downside this week for 119.24 support first. Break will target 100% projection of 121.46 to 119.24 from 121.01 at 118.79. On the upside, break of 121.01 will bring retest of 121.46 instead .

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.

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 125.72), this is the preferred case.

Daily Pivots: (S1) 162.48; (P) 162.97; (R1) 163.44; More…

Intraday bias in EUR/JPY remains on the upside, as rise from 153.15 is in progress for retesting 164.29 high. Decisive break there will confirm larger up trend resumption. On the downside, however, below 161.93 minor support will turn intraday bias neutral and bring consolidations, before staging another rally.

In the bigger picture, price actions from 164.29 medium term top are seen as a correction to rise from 139.05 only. As long as 148.38 resistance turned support holds (2022 high), larger up trend from 114.42 (2020 low) is expected to resume through 164.29 at a later stage. Next target would be 169.96 (2008 high).

Daily Pivots: (S1) 120.43; (P) 121.34; (R1) 121.87; More…

The deeper than expected fall from 122.88 dampened out immediate bullish view. And the consolidation pattern from 124.08 is possibly extending with another falling leg. Intraday bias in EUR/JPY remains mildly on the downside for 120.01 support and below. At this point, we’d expect strong support from 118.345 (38.2% retracement of 109.20 to 124.08 at 118.39) to contain downside and bring rebound. On the upside, above 122.24 minor resistance will suggest that fall from 122.88 is merely a pull back. And intraday bias will be turned back to the upside for retesting 124.08 high.

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) 125.72; (P) 125.96; (R1) 126.31; More….

EUR/JPY is staying in range of 125.07/126.39 and intraday bias remains neutral first. On the upside, break of 126.39 will resume the rebound from 125.07, for retesting 127.48 high. On the downside, however, break of 125.07 will argue that the correction from 127.48 is resuming. Intraday bias will be turned back to the downside for 61.8% retracement of 121.63 to 127.48 at 123.86.

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) 126.71; (P) 127.11; (R1) 127.61; More….

Intraday bias in EUR/JPY remains on the upside with 126.60 minor support intact. Current rally from 118.62 should target 61.8% retracement of 137.49 to 118.62 at 130.28 next. On the downside, break of 126.60 minor support will turn intraday bias neutral and bring consolidations first. But downside of retreat should be contained by 124.23/125.95 support zone to bring rise resumption.

In the bigger picture, current development argues that medium term decline from 137.49 (2018 high) has completed with three waves down to 118.62 already. Decisive break of 133.12 resistance will confirm this bullish case. And whole up trend from 109.03 (2016 low) might resume through 137.49 in that case. On the downside, break of 124.23 support will invalidate this case and turn focus back to 118.62 instead.

Daily Pivots: (S1) 142.79; (P) 143.90; (R1) 144.75; More….

No change in EUR/JPY’s outlook and intraday bias stays neutral. Break of 142.52 support will extend the decline from 148.38, to 61.8% retracement of 133.38 to 148.38 at 139.11. On the upside, though, above 146.12 minor resistance will bring stronger rebound back to retest 148.38 high instead.

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.

Daily Pivots: (S1) 126.23; (P) 126.59; (R1) 127.14; More….

EUR/JPY’s break of 127.07 resistance suggests resumption of whole rise from 114.42. Intraday bias is back on the upside. Further rise should be seen to 128.67 medium term fibonacci level. On the downside, however, break of 126.04 support will indicate rejection by 127.07. Intraday bias will be turned back to the downside, to extend the consolidation from 127.07 with another leg.

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. 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) 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.

EUR/JPY continued to struggle below 130.65 resistance last week and outlook is unchanged. Initial bias remains neutral this week first. On the upside, decisive break of 130.65 will resume the whole rally from 114.42, for 100% projection of 114.42 to 127.07 from 121.63 at 134.28. On the downside, break of 129.56 minor support will extend the consolidation from 130.65 with another fall. Intraday bias will be turned back to the downside for 128.28 support.

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 125.07 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).

In the long term picture, EUR/JPY is staying in long term sideway pattern, established since 2000. Another rising leg in progress for 137.49 resistance and above.

Daily Pivots: (S1) 127.69; (P) 128.38; (R1) 128.82; More….

Intraday bias in EUR/JPY remains neutral at this point. On the upside, break of 129.09 will extend the rebound to 55 day EMA (now at 129.71) and above. On the downside, below 127.36 will target 126.58 medium term fibonacci level. We’d look for some support from there to bring rebound. But sustained break of 126.58 will carry larger bearish implications.

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) 138.70; (P) 139.10; (R1) 139.77; More….

Intraday bias in EUR/JPY stays mildly on the downside. Current decline from is seen as a falling leg inside the corrective pattern from 144.23. Deeper decline would be seen to 136.85 support. On the upside, above 140.06 minor resistance will turn bias back to the upside for 142.31 resistance 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.

Daily Pivots: (S1) 121.52; (P) 121.83; (R1) 122.05; More….

Intraday bias in EUR/JPY remains on the downside for retesting 120.789 support. Decisive break there will resume the larger decline from 127.50 will target 118.62 low next. On the upside, above 122.17 minor resistance delay the bearish case, turn intraday bias neutral and bring more consolidations first.

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.

EUR/JPY’s decline from 126.75 accelerated lower last week but stays above 124.31 support so far. Initial bias remains neutral this week first and further rise could be seen. Break of 126.75 will resume the rally from 114.42. However, considering bearish divergence condition in daily MACD, firm break of 124.31 should confirm short term topping. Intraday bias will be turned to the downside for 55 day EMA (now at 123.03), to correct the rally from 114.42.

In the bigger picture, whole down trend from 137.49 (2018 high) could have completed at 114.42 already. Rise from 114.42 would target 61.8% retracement of 137.49 to 114.42 at 128.67 next. Sustained break there will pave the way to 137.49 (2018 high). This will remain the preferred case for now, as long as 55 day EMA (now at 123.03) holds. However, sustained break of 55 day EMA will revive medium term bearishness for another low below 114.42 at a later stage.

In the long term picture, EUR/JPY is staying in long term sideway pattern, established since 2000. Sustained break of 55 month EMA (now at 124.54) should confirm the start of another medium term rising leg.

EUR/JPY’s rebound from 153.15 resumed by breaking through 158.55 last week. Initial bias stays on the upside this week for further rally to 100% projection of 153.15 to 158.55 from 155.06 at 160.46. For now, risk will stay mildly on the upside as long as 155.06 support holds, in case of retreat.

In the bigger picture, price actions from 164.29 medium term top are 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.

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 100% projection of 94.11 to 149.76 from 114.42 at 170.07 which is close to 169.96 (2008 high). This will remain the favored case as long as 148.48 resistance turned support holds.

Daily Pivots: (S1) 129.98; (P) 130.54; (R1) 130.85; More….

EUR/JPY drops notably after rejection by 131.02 resistance and 4 hour 55 EMA. But downside stays above 129.60 support. Intraday bias remains neutral first. On the upside, firm break of 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) 124.03; (P) 124.32; (R1) 124.65; More….

Intraday bias in EUR/JPY remains mildly on the upside at this point. Correction from 127.07 could have completed with three waves down to 121.63. Further rally would be seen for retesting 127.07 high. On the downside, though, break of 123.18 minor support would extend the correction with another fall through 121.63.

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.

Daily Pivots: (S1) 121.48; (P) 121.97; (R1) 122.31; More….

Intraday bias in EUR/JPY remains neutral as consolidation from 120.78 is extending. Further rise cannot be ruled out. But upside should be limited below 123.73 resistance to bring fall resumption eventually. On the downside, firm break of 120.78 will resume the decline from 127.50 and target 118.62 low next.

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.

EUR/JPY’s consolidation from 124.08 continued last week and outlook is unchanged. Initial bias stays neutral this week first. Break of 124.08 will extend the larger rally from 109.20 to 126.09 key resistance next. On the downside below 120.54 will bring another fall. But in that case, downside should be contained by 118.45 cluster support (38.2% retracement of 109.20 to 124.08 at 118.39) and bring rebound.

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.

In the long term picture, current 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.

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Daily Pivots: (S1) 160.01; (P) 160.54; (R1) 161.10; More…

Intraday bias in EUR/JPY stays neutral as consolidation from 161.84 is still in progress. Further rally is expected as long as 158.55 resistance turned support holds. On the upside, break of 161.84 will resume whole rally from 153.15 to 161.8% projection of 153.15 to 158.55 from 155.06 at 163.79, which is close to 164.29 high.

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

EUR/JPY was bounded in range trading last week. Initial bias stays neutral this week first. On the downside, below 148.58 will extend the corrective pattern from 151.60 with another falling leg. Deeper fall would be seen to 146.12 support and possibly below. On the upside, however, above 151.05 will target 151.60 high. Firm break there will resume larger up trend to 153.64 projection level.

In the bigger picture, rise from 114.42 (2020 low) is in progress. Next target is 61.8% projection of 124.37 to 148.38 from 138.81 at 153.64. Sustained break there will pave the way to 100% projection at 162.82. For now, medium term outlook will remain bullish as long as 139.05 support holds, even in case of deep pull back.

In the long term picture, break of 149.76 (2014 high) argues that whole up trend form 94.11 (2012 low) is resuming. Sustained trading above 149.76 will pave the way to 100% projection of 94.11 to 149.76 from 109.03 at 164.68, which is close to 169.96 (2008 high).