Daily Pivots: (S1) 122.41; (P) 122.64; (R1) 122.96; More…

Upside momentum in EUR/JPY is a but unconvincing as seen in 4 hour MACD. But further rally is still expected with 120.60 support holds. As noted before, the correction from 124.08 should have completed with three waves down to 114.84 already. Firm break of 122.88 resistance will extend larger rise from 109.20 through 124.08 high. On the downside, break of 120.60 will indicate short term topping and bring deeper pull back, possibly to 55 day EMA (now at 119.71).

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) 121.99; (P) 122.29; (R1) 122.77; More…

Intraday bias in EUR/JPY stays on the upside for the moment. Current rally should target 122.88 resistance next. As noted before, the correction from 124.08 should have completed with three waves down to 114.84 already. Break of 122.88 resistance will extend larger rise from 109.20 through 124.08 high. On the downside, below 120.60 minor support will turn bias neutral and bring consolidation before staging another rise.

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) 121.44; (P) 121.76; (R1) 122.23; More…

EUR/JPY’s rally extends to as high as 122.51 so far and intraday bias stays on the upside for 122.88 resistance. As noted before, the correction from 124.08 should have completed with three waves down to 114.84 already. Break of 122.88 resistance will extend larger rise from 109.20 through 124.08 high. On the downside, below 120.60 minor support will turn bias neutral and bring consolidation before staging another rise.

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) 120.79; (P) 121.39; (R1) 122.09; More…

No change in EUR/JPY’s outlook as further rise is expected as long as 118.91 support holds. As noted before, correction from 124.08 should have completed with three waves down to 114.84. Break of 122.88 resistance will extend larger rise from 109.20 through 124.08 high. On the downside, however, break of 118.91 will turn focus back to 114.84 instead.

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.

EUR/JPY jumped to as high as 121.99 last week. The development indicates completion of correction from 124.08, with three waves down to 114.84. And, whole medium term rebound from 109.20 is resuming. We’d expect further rally in near term, through 124.08 to 126.09 key resistance next.

Upside momentum in EUR/JPY is a bit unconvincing as seen in 4 hour MACD. Further rise is expected this week as long as 118.91 support holds. Above 121.99 will target 122.88 resistance. Decisive break there should send EUR/JPY through 124.08 to 126.09 key resistance next. However, break of 118.91 will turn focus back to 114.84 instead.

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) 120.40; (P) 121.14; (R1) 121.69; More…

Intraday bias in EUR/JPY remains neutral for consolidation below 121.97 temporary top. Downside is expected to be contained by 118.91 support and bring another rise. Above 121.97 will target 122.88 resistance first. Break will likely resume the larger rally from 109.20. In such case, EUR/JPY should break through 124.08 to 126.09 key resistance level. However, break of 118.91 will turn focus back to 114.84 instead.

In the bigger picture, price actions from 109.20 is still seen as a corrective move for the moment. But current development suggests that the first leg is finished at 109.20, second leg at 114.84. And rise from 114.84 is possibly developing into the third leg. Further rise will now be in favor through 124.08 resistance. Strong break of 126.09 support turned resistance will confirm completion of whole fall from 149.76 at 109.20. In such case, rise from 109.20 is developing into a medium term move for 141.04 and above.

Daily Pivots: (S1) 120.68; (P) 121.32; (R1) 121.74; More…

A temporary top is in place at 121.97 in EUR/JPY and intraday bias is turned neutral first. Some consolidations would be seen but downside should be contained by 118.91 support and bring another rally. Above 121.97 will target 122.88 resistance first. Break will likely resume the larger rally from 109.20. In such case, EUR/JPY should break through 124.08 to 126.09 key resistance level.

In the bigger picture, price actions from 109.20 is still seen as a corrective move for the moment. But current development suggests that the first leg is finished at 109.20, second leg at 114.84. And rise from 114.84 is possibly developing into the third leg. Further rise will now be in favor through 124.08 resistance. Strong break of 126.09 support turned resistance will confirm completion of whole fall from 149.76 at 109.20. In such case, rise from 109.20 is developing into a medium term move for 141.04 and above.

Daily Pivots: (S1) 119.75; (P) 120.69; (R1) 122.33; More…

EUR/JPY’s rally continues today and reaches as high as 121.97 so far. Intraday bias remains on the upside for 122.88 resistance next. Break there will likely resume the larger rally from 109.20. In such case, EUR/JPY should break through 124.08 to 126.09 key resistance level. On the downside, break of 118.91 support is needed to indicate short term topping. Otherwise, outlook will remains bullish in case of retreat.

In the bigger picture, price actions from 109.20 is still seen as a corrective move for the moment. But current development suggests that the first leg is finished at 109.20, second leg at 114.84. And rise from 114.84 is possibly developing into the third leg. Further rise will now be in favor through 124.08 resistance. Strong break of 126.09 support turned resistance will confirm completion of whole fall from 149.76 at 109.20. In such case, rise from 109.20 is developing into a medium term move for 141.04 and above.

Daily Pivots: (S1) 116.52; (P) 116.91; (R1) 117.37; More…

Intraday bias in EUR/JPY remains on the upside for 122.88 resistance. As noted before, corrective fall from 124.08 has completed at 114.84 already. Break of 122.88 will likely extend the larger rise from 109.20 through 124.08 resistance to 126.09 key resistance level. On the downside, though, 117.81 minor support will turn focus back to 114.84 low instead.

In the bigger picture, price actions from 109.20 is still seen as a corrective move for the moment. But current development suggests that the first leg is finished at 109.20, second leg at 114.84. And rise from 114.84 is possibly developing into the third leg. Further rise will now be mildly in favor through 124.08 resistance. Strong break of 126.09 support turned resistance will confirm completion of whole fall from 149.76 at 109.20. In such case, rise from 109.20 is developing into a medium term move for 141.04 and above.

Daily Pivots: (S1) 116.52; (P) 116.91; (R1) 117.37; More…

EUR/JPY surges sharply to as high as 120.53 today. The strong break of 118.23 support turned resistance indicates that fall from 124.08 has completed at 114.84 already. Note that firstly, such decline has a three wave corrective structure. And it’s contained just by 61.8% retracement of 109.20 to 124.08 at 114.88. Hence, fall from 124.08 to 114.84 is seen as a corrective move. That in turn indicates that rebound from 109.20 is not finished. Intraday bias is turned back to the upside for 122.88 resistance first. Break will extend the whole rise from 109.20 to 126.09 key resistance next. On the downside, though, 117.81 minor support will turn focus back to 114.84 low instead.

In the bigger picture, price actions from 109.20 is still seen as a corrective move for the moment. But current development suggests that the first leg is finished at 109.20, second leg at 114.84. And rise from 114.84 is possibly developing into the third leg. Further rise will now be mildly in favor through 124.08 resistance. Strong break of 126.09 support turned resistance will confirm completion of whole fall from 149.76 at 109.20. In such case, rise fro 109.20 is developing into a medium term move for 141.04 and above.

EUR/JPY edged lower to 114.84 last week but drew support from 114.88 fibonacci level and recovered. Upside of recovery is limited below 118.23 support turned resistance so far. Thus, the bearish outlook is maintained. That is, rebound from 109.20 has completed at 124.08. Fall from 124.08 would resume to retest 109.20 low.

Initial bias in EUR/JPY remains neutral this week for consolidation above 114.84. Upside of recovery should be limited by 118.23 support turned resistance and bring another fall. Sustained break of 61.8% retracement of 109.20 to 124.08 at 114.88 will extend the decline from 124.08 to retest 109.20 low. However, firm break of 118.23 will indicate near term reversal and target 122.88 resistance instead.

In the bigger picture, medium term corrective rise from 109.20 should have completed at 124.08, ahead of 126.09 support turned resistance. Medium term down trend from 149.76 could be resuming. Break of 109.20 will target 94.11 low. In any case, break of 126.09 is needed needed to confirm medium term reversal. Otherwise, outlook will remain bearish in case of another rebound.

In the long term picture, medium term decline from 149.76 is seen as part of a long term sideway pattern from 88.96. Such decline is still in progress and could target 94.11 low. At this point, we’d look for loss of downside momentum above 94.11 to signal bottoming and reversal. This bearish view will hold as long as 126.09 resistance holds.

Daily Pivots: (S1) 116.49; (P) 117.15; (R1) 117.80; More…

EUR/JPY’s rebound from 114.84 extended higher but at this point, it’s kept below 118.23 support turned resistance. Hence, intraday bias stays neutral at this point and outlook remains bearish. Below 61.8% retracement of 109.20 to 124.08 at 114.88 will extend the decline from 124.08 to retest 109.20 low. However, firm break of 118.23 will indicate near term reversal and target 122.88 resistance instead.

In the bigger picture, medium term corrective rise from 109.20 should have completed at 124.08, ahead of 126.09 support turned resistance. Medium term down trend from 149.76 is likely resuming. Break of 109.20 will target 94.11 low. In any case, break of 126.09 is needed needed to confirm medium term reversal. Otherwise, outlook will remain bearish in case of another rebound.

Daily Pivots: (S1) 116.25; (P) 116.61; (R1) 116.96; More…

Intraday bias in EUR/JPY remains neutral as the correction from 114.84 continues. At this point, we’d still expect upside to be limited by 118.23 resistance and bring another fall. Corrective rise from 109.20 should have completed at 124.08. Sustained break of 61.8% retracement of 109.20 to 124.08 at 114.88 will pave the way to retest 109.20 low.

In the bigger picture, medium term corrective rise from 109.20 should have completed at 124.08, ahead of 126.09 support turned resistance. Medium term down trend from 149.76 is likely resuming. Break of 109.20 will target 94.11 low. In any case, break of 126.09 is needed needed to confirm medium term reversal. Otherwise, outlook will remain bearish in case of another rebound.

Daily Pivots: (S1) 115.91; (P) 116.19; (R1) 116.64; More…

EUR/JPY’s recovery from 114.84 low is still in progress. Intraday bias remains neutral for the moment. At this point, we’d still expect upside to be limited by 118.23 resistance and bring another fall. Corrective rise from 109.20 should have completed at 124.08. Sustained break of 61.8% retracement of 109.20 to 124.08 at 114.88 will pave the way to retest 109.20 low.

In the bigger picture, medium term corrective rise from 109.20 should have completed at 124.08, ahead of 126.09 support turned resistance. Medium term down trend from 149.76 is likely resuming. Break of 109.20 will target 94.11 low. In any case, break of 126.09 is needed needed to confirm medium term reversal. Otherwise, outlook will remain bearish in case of another rebound.

Daily Pivots: (S1) 115.16; (P) 115.59; (R1) 116.35; More…

EUR/JPY formed a temporary low at 114.84 after hitting 61.8% retracement of 109.20 to 124.08 at 114.88. Intraday bias is turned neutral for consolidations. Upside of recovery should be limited by 118.23 support turned resistance and bring another decline. Corrective rise from 109.20 has completed at 124.08. Below 114.84 will turn bias back to the downside for retesting 109.20 low.

In the bigger picture, medium term corrective rise from 109.20 should have completed at 124.08, ahead of 126.09 support turned resistance. Medium term down trend from 149.76 is likely resuming. Break of 109.20 will target 94.11 low. In any case, break of 126.09 is needed needed to confirm medium term reversal. Otherwise, outlook will remain bearish in case of another rebound.

EUR/JPY’s fall from 124.08 continued last week and reached as low as 115.19. The development is consistent with our view that corrective rise from 109.20 has completed at 124.08. And further fall is expected to retest 109.20.

Initial bias in EUR/JPY remains on the downside this week for 61.8% retracement of 109.20 to 124.08 at 114.88. Sustained break of 114.88 will pave the way for retesting 109.20 low. On the upside, above 116.54 minor resistance will turn intraday bias neutral and bring recovery. But upside should be limited by 118.23 support turned resistance and bring fall resumption.

In the bigger picture, medium term corrective rise from 109.20 should have completed at 124.08, ahead of 126.09 support turned resistance. Medium term down trend from 149.76 is likely resuming. Break of 109.20 will target 94.11 low. In any case, break of 126.09 is needed needed to confirm medium term reversal. Otherwise, outlook will remain bearish in case of rebound.

In the long term picture, medium term decline from 149.76 is seen as part of a long term sideway pattern from 88.96. Such decline is still in progress and could target 94.11 low. At this point, we’d look for loss of downside momentum above 94.11 to signal bottoming and reversal. This bearish view will hold as long as 126.09 resistance holds.

Daily Pivots: (S1) 115.92; (P) 116.23; (R1) 116.54; More…

With 117.31 minor resistance intact, intraday bias in EUR/JPY stays on the downside for 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) 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) 117.30; (P) 117.68; (R1) 117.91; More…

EUR/JPY’s fall continues and reaches as low as 116.87 so far. Intraday bias remains on the downside. Whole fall from 124.08 should target 61.8% retracement of 109.20 to 124.08 at 114.88 next. On the upside, above 118.05 minor resistance will turn bias neutral and bring consolidations. But upside should be limited by 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) 117.23; (P) 117.70; (R1) 118.08; More…

As long as 118.78 resistance holds, deeper decline is expected in EUR/JPY. As noted before, whole medium term rebound from 109.20 is completed at 124.08 already. Next target will be 61.8% retracement of 109.20 to 124.08 at 114.88. On the upside, above 118.78 will indicate short term bottoming and bring rebound back to 119.31/120.43 resistance zone. That also coincides with 55 day EMA (now at 120.19). In that case, we’ll look at the reactions in this resistance zone to assess the outlook again.

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.