EUR/JPY’s break of 142.84 resistance argues that corrective fall from 148.38 has completed at 137.37. Initial bias stays on the upside for further rally to 146.71 resistance. On the downside, though, below 142.33 minor support will dampen this bullish view, and turn intraday bias neutral again.

In the bigger picture, as long as 55 week EMA (now at 139.03) holds, larger up trend from 114.42 (2020 low) is still in progress for 149.76 long term resistance. However, firm break of 55 week EMA will bring deeper fall to 38.2% retracement of 114.42 to 148.38 at 135.40. Sustained break there will raise the chance of trend reversal, and target 61.8% retracement at 127.39.

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) 126.31; (P) 126.57; (R1) 126.87; More….

Intraday bias in EUR/JPY remains neutral first but with today’s steep decline, focus is back on 125.61 resistance turned support. Firm break there will indicate completion of rebound from 123.56. And consolidation from 127.50 is staring the third leg. Intraday bias will then be turned down to the downside for 123.65 support. On the upside, though, above 126.79 will target 127.50 key resistance.

In the bigger picture, there is no confirmation of completion of the down trend from 137.49 (2018 high) yet. In case of an extension, break of 118.62 will target 109.03/114.84 long term support zone. However, break of 127.50 will solidify the case of medium term bullish reversal. Further decisive break medium term channel resistance will affirm reversal and target 133.12 key resistance and above.

EUR/JPY’s up trend continued last week but turned sideway after hitting 157.99. Initial bias is neutral this week for consolidations. But further rally is expected as long as 154.03 support holds. On the upside, break of 157.99 will resume larger up trend to 162.82 projection level. However, break of 154.03 will argue that larger correction is under way back to 151.60 resistance turned 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 138.81 at 162.82. For now, medium term outlook will remain bullish as long as 151.60 resistance turned support holds, even in case of deep pull back.

In the long term picture, rise from 109.03 (2016 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 109.03 at 164.68, and possibly further to 169.96 (2008 high).

EUR/JPY edged higher to 122.88 last week but reversed since then. The break of 121.18 support dampened the immediately bullish view. It argues that rebound from 118.23 is completed and the consolidation pattern from 124.08 is extending with another falling leg.

Initial bias is now mildly on the downside this week for 120.01 support. Break will target 118.45 key cluster support level again (38.2% retracement of 109.20 to 124.08 at 118.39). At this point, we’d expect strong support from 118.39/45 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.

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) 125.46; (P) 125.98; (R1) 126.67; More….

Intraday bias in EUR/JPY remains neutral for the moment. With 126.98 minor resistance intact, deeper fall could still be seen. But considering loss of downside momentum, downside will likely be contained by 124.08/61 key support zone to bring rebound. On the upside, break of 126.98 will indicate short term bottoming and turn bias back to upside for stronger rebound.

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) 131.15; (P) 131.77; (R1) 132.25; More….

Downside momentum in EUR/JPY is still a bit unconvincing. Nonetheless, near term outlook remains bearish as long as 133.05 resistance holds. Sustained trading below 132.04 cluster support (23.6% retracement of 114.84 to 137.49 at 132.14) will indicate larger trend reversal on bearish divergence condition in daily MACD. In such case, deeper decline would be seen for 38.2% retracement at 128.38 first. However, rebound from 132.04 will retain near term bullishness. Break of 133.05 minor resistance will turn bias back to the upside for 137.49 again.

In the bigger picture, bearish divergence condition in weekly MACD indicates loss of medium term upside momentum. Sustained break of 132.04 will be the early sign of long term reversal and should bring deeper fall back to retest 124.08 key support level. Meanwhile, break of 137.49 will resume the up trend from 109.03 to 141.04/149.76 resistance zone.

Daily Pivots: (S1) 131.07; (P) 131.41; (R1) 131.72; More…

Intraday bias in EUR/JPY remains neutral for the moment. Near term outlook remains bullish with 129.36 support intact and further rise is expected. Break of 132.00 will turn bias back to the upside and target 134.20 fibonacci level next. However, considering bearish divergence condition in 4 hour MACD, break of 129.36 will indicate short term topping and turn bias to the downside for 127.55 support instead.

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. However, firm break of 124.08 will argue that rise from 109.03 is completed and turn outlook bearish.

Daily Pivots: (S1) 128.56; (P) 128.88; (R1) 129.45; More….

EUR/JPY breached 38.2% retracement of 124.89 to 130.86 at 128.57 but quickly recovered. Intraday bias stays neutral first. On the downside, firm break of 128.57 will argue that rebound from 124.89 has completed, and it’s the third leg of consolidation pattern from 124.61. In that case, intraday bias will be turned back to the downside for 124.61/89. On the upside, above 129.83 minor resistance will retain near term bullishness. And intraday bias will be turned back to the upside for 130.86 and above.

In the bigger picture, EUR/JPY once again rebounded ahead of 124.08 key resistance turned support. It’s also held well above long term trend line from 109.03 (2016 low). The development argues that such rise from 109.03 might not be over yet. Decisive break of 61.8% retracement of 137.49 to 124.61 at 132.56 will pave the way to retest 137.49 high. But, firm break of 124.08 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.

Daily Pivots: (S1) 124.28; (P) 124.63; (R1) 125.03; More….

Intraday bias in EUR/JPY remains neutral first, with focus on 125.09. Current development suggest that rebound from 118.62 is stronger than originally expected. . On the upside, break of 125.09 will bring further rise to 55 day EMA (now at 126.75) and above. On the downside, break of 123.40 minor support will turn bias back to the downside for retesting 118.62 low instead.

In the bigger picture, medium term rebound from 109.03 (2016 low) has completed at 137.49 already, with corrective structure. Fall from 137.39 is possibly just the second leg of the corrective pattern from 109.03. Break of 133.12 resistance should start the third leg to 137.49 and above. Nevertheless, break of 118.62 will resume the down trend from 137.49 for 109.03/114.84 support zone instead.

Daily Pivots: (S1) 125.25; (P) 125.51; (R1) 125.67; More….

Intraday bias in EUR/JPY remains neutral at this point. On the downside, break of 123.78 support will suggest completion of rebound from 118.62 after rejection by 55 day EMA. Deeper fall would then be seen back to retest 118.62 low. However, decisive break of 125.95 will dampen our bearish view and target 129.25 resistance next.

In the bigger picture, medium term rebound from 109.03 (2016 low) has completed at 137.49 (2018 high) already, with corrective structure. Fall from 137.49 is likely still in progress. Decisive break of 118.62 will target 161.8% projection of 137.49 to 124.61 from 133.12 at 112.28, which is inside 109.03/114.84 support zone. This will remain the favored case as long as 129.25 resistance holds.

Daily Pivots: (S1) 126.61; (P) 127.59; (R1) 128.55; More….

Intraday bias in EUR/JPY remains mildly on the downside. Rebound from 124.61 could have finished at 130.33 already, after rejection by 55 day EMA. Deeper fall would be seen back to 124.08/61 support zone. On the upside, break of 128.50 minor resistance is needed to indicate completion of the fall. Otherwise, deeper decline will remain in favor even in case of recovery.

In the bigger picture, despite rebounding strongly ahead of 124.08 resistance turned support, there was no clear follow through buying. Note again that there is bearish divergence in daily MACD. Firm break of 124.08 will confirm trend reversal. That is, whole rise from 109.03 (2016 low) has completed at 137.49 already. In that case, deeper fall should be seen back to 61.8% retracement of 109.03 to 137.49 at 119.90 and below. Nonetheless, decisive break of 133.47 key resistance will likely extend the rise from 109.03 through 137.49 high.

Daily Pivots: (S1) 120.58; (P) 120.79; (R1) 121.15; More….

EUR/JPY recovered after drawing support from 4 hour 55 EMA, but stays below 121.46 temporary top. Intraday bias remains neutral and some more consolidation could be seen. In case of another retreat, downside should be contained above 191.11 support to bring another rally. On the upside, break of 121.46 will resume the rise from 115.86 to 161.8% projection of 115.86 to 120.01 from 117.07 at 123.78 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 125.82). 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) 116.27; (P) 116.74; (R1) 117.05; More….

Further decline remains mildly in favor in EUR/JPY with 117.41 minor resistance intact. Focus stays on 115.86/116.12 support zone. Decisive break there will confirm larger down trend resumption. On the upside, break of 117.41 minor resistance will turn intraday bias to the upside, and extend consolidation form 115.86 with another rising leg.

In the bigger picture, outlook remains bearish as the cross is staying well inside falling channel established since 137.49 (2018 high), as well as below falling 55 week EMA. As long as 122.87 resistance holds, the down trend form 137.49 should extend to 109.48 (2016 low). However, sustained break of 122.87 will indicate medium term bullish reversal.

Daily Pivots: (S1) 131.93; (P) 132.31; (R1) 133.07; More….

Intraday bias in EUR/JPY is turned neutral again with current recovery. Correction from 133.44 would still extend further. But in case of another fall, downside should be contained above 130.45 resistance turned support to bring rebound. On the upside, break of 133.44 will target 134.11 high first. Firm break there will resume larger up trend from 114.42. Next target is 61.8% projection of 121.63 to 134.11 from 127.91 at 135.62.

In the bigger picture, rise from 114.42 (2020 low) is still in progress and the strong support support from 55 week EMA affirms medium term bullishness. Further rise would be seen to retest 137.49 (2018 high). Decisive break there will resume the whole long term rise from 109.03 (2016 low). Next target will be 100% projection of 109.03 to 137.49 from 114.42 at 142.88. This will now remain the favored case as long as 127.91 support holds.

Daily Pivots: (S1) 140.95; (P) 141.58; (R1) 142.14; More….

Intraday bias in EUR/JPY remains neutral and outlook is unchanged. On the downside, break of 140.77 minor support will turn bias back to the downside, to extend the corrective pattern from 145.62 with another falling leg towards 137.32 support. On the upside, above 144.06 will bring retest of 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 is 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.

Daily Pivots: (S1) 140.08; (P) 141.03; (R1) 142.59; More….

Intraday bias in EUR/JPY remains mildly on the upside for retesting 144.23 high. Firm break there will resume larger up trend. On the downside, below 137.83 will turn bias back to the downside to extend the correction from 144.23.

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) 135.91; (P) 136.95; (R1) 138.47; More….

Intraday bias in EUR/JPY remains mildly on the upside for retesting 139.99 high. Firm break there will resume larger up trend for 144.06 medium term projection level. In case consolidation from 139.99 extends with another fall, downside should be contained by 38.2% retracement of 124.37 to 139.99 at 134.02 to bring rebound.

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). Next target will be 100% projection of 114.42 to 134.11 from 124.37 at 144.06. In any case, outlook will now remain bullish as long as 124.37 support holds, in case of deep pull back.

Daily Pivots: (S1) 121.69; (P) 122.01; (R1) 122.54; More….

Intraday bias in EUR/JPY remains on the upside. Choppy rebound from 119.31 is still in progress for retest 124.43 high. On the downside, break of 120.27 will turn bias to the downside for 119.31. Break will resume the decline from 124.43 to 61.8% retracement of 114.42 to 124.43 at 118.24.

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 137.59 (2018 high). This will remain the preferred case for now, as long as 55 day EMA (now at 119.90) holds. However, sustained break of 55 day EMA will revive medium term bearishness for another low below 114.42 at a later stage.

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) 138.92; (P) 139.49; (R1) 140.27; More….

Further decline is in favor with 140.68 minor resistance intact. Corrective pattern from 144.23 is extending with another falling leg. Deeper decline would be seen to 136.85 support. On the upside, above 140.68 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.