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) 132.59; (P) 133.04; (R1) 133.28; More…

No change in EUR/JPY’s outlook as it’s still bounded in range of 131.73/134.39. 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) 133.60; (P) 133.83; (R1) 134.02; More….

Intraday bias in EUR/JPY is turned neutral for moment, but further rise is still expected with 132.51 support intact. Sustained break of 100% projection of 114.42 to 127.07 from 121.63 at 134.28 will extend the up trend from 114.42 to 137.49 long term resistance next. On the downside, break of 132.51 support is needed to indicate short term topping. Otherwise, outlook will stay bullish in case of retreat.

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 130.65 resistance turned 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).

Daily Pivots: (S1) 131.36; (P) 131.91; (R1) 132.66; More….

Despite breaking 131.38 to 131.15, EUR/JPY quickly recovered. Intraday bias is turned neutral first. A short term top is at least in place at 134.48 after hitting 134.20 long term fibonacci level. For now, deeper fall will be in favor towards 38.2% retracement of 114.84 to 134.48 at 126.97, which is close to 127.55 support. We’ll look for support from there to bring rebound on first attempt. In any case, firm break of 134.48 is needed to confirm up trend resumption. Otherwise, near term risks remain on the downside.

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) 130.62; (P) 130.94; (R1) 131.21; More….

EUR/JPY’s fall from 133.44 is still in progress and outlook is unchanged. Downside should be contained above 130.45 resistance turned support to bring rebound. On the upside, above 132.55 minor resistance will bring retest of 133.44 first. Firm break there will resume larger up trend from 114.42. However, firm break of 130.45 will dampen our bullish view and bring deeper fall back to 127.91 key support.

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) 129.22; (P) 129.86; (R1) 130.23; More…

EUR/JPY is still bounded in consolidation from 130.76 and intraday bias remains neutral. Deeper fall could be seen. But downside should be contained by 127.43 cluster support (38.2% retracement of 122.39 to 130.76 at 127.56) and bring rebound. Above 130.76 will extend the larger rally to next key fibonacci level at 134.20.

In the bigger picture, the down trend from 149.76 (2014 high) is completed at 109.03 (2016 low). Current rally from 109.03 should be at the same degree as the fall from 149.76 to 109.03. 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. Medium term outlook will remain bullish as long as 124.08 resistance turned support holds.

Daily Pivots: (S1) 143.57; (P) 143.97; (R1) 144.68; More….

Intraday bias in EUR/JPY remains neutral and outlook is unchanged. Further decline could be seen as long as 146.12 resistance holds. Break of 140.75 will resume the fall from 148.38. However, break of 146.12 resistance will indicate that correction from 148.38 has completed. Bias will be back on the upside for retesting 148.38.

In the bigger picture, considering bearish divergence condition in weekly MACD, 148.38 could be a medium term top already. Fall from there is probably correcting whole up trend from 114.42 (2020 low). Deeper decline would be seen to 55 week EMA (now at 137.37), or further to 38.2% retracement of 114.42 to 148.38 at 135.40 before completion.

Daily Pivots: (S1) 164.81; (P) 165.40; (R1) 166.34; More…

Intraday bias in EUR/JPY stays neutral at this point. On the upside, firm break of 55 4H EMA (now at 166.084) will bring stronger rebound towards 168.64 resistance. On the downside, break of 164.01, and sustained trading below 55 D EMA (now at 164.06) will extend the fall from 171.58 to 61.8% retracement of 153.15 to 171.58 at 160.19.

In the bigger picture, a medium top could be formed at 171.58 after brief breach of 169.96 (2008 high). As long as 55 W EMA (now at 157.82) holds, fall from there is seen as correcting the rise from 153.15 only. However, sustained break of 55 W EMA will argue that larger scale correction is underway and target 153.15 support.

Daily Pivots: (S1) 132.28; (P) 132.77; (R1) 133.60; More…

Intraday bias in EUR/JPY remains neutral for the moment. With 131.69 support intact, there is no confirmation of reversal yet. Decisive break of 134.39 high will indicate up trend resumption. Next target will be 141.04 long term resistance. Nonetheless, 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 reversal and will turn outlook bearish for deeper fall.

Daily Pivots: (S1) 119.19; (P) 119.74; (R1) 120.17; More…

EUR/JPY drops to as low as 119.32 so far and intraday bias stays on the downside for 118.39/45 key cluster level (38.2% retracement of 109.20 to 124.08 at 118.39). Current fall is seen 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) 167.46; (P) 169.09; (R1) 170.15; More….

EUR/JPY recovers after dipping to 168.01 and intraday bias is turned neutral. Nevertheless, current development suggests that rebound from 164.31 has completed at 170.81. Risk will now stay on the downside as long as 170.87 resistance holds. Below 168.01 will target 167.31 support first. Break there will target 164.01 support next.

In the bigger picture, a medium top was formed at 171.58 after brief breach of 169.96 (2008 high). But as long as 55 W EMA (now at 166.81) 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.

Daily Pivots: (S1) 132.50; (P) 132.96; (R1) 133.24; More….

Intraday bias in EUR/JPY remains neutral at this point as consolidation from 134.11 is still in progress. Another rise is in favor with 132.51 support intact. On the upside, sustained break of 100% projection of 114.42 to 127.07 from 121.63 at 134.28, will extend the up trend from 114.42 to 137.49 long term resistance next. However, on the downside, firm break of 132.51 will argue that EUR/JPY is already correcting whole rise from 121.63. Intraday bias will be turned to the downside for 128.8/130.65 support zone.

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) 121.36; (P) 121.70; (R1) 122.27; More…

EUR/JPY recovered after breaching 121.18 resistance turned support and intraday bias remains neutral. No change in the bullish outlook for the moment and another rise is expected. Above 122.88 will target 124.08. Decisive break there will extend larger rise from 109.20 and target 126.09 key resistance next. However, firm break of 121.18 will likely extend the whole corrective pattern fro 124.08 with another falling leg towards 118.23 low again.

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.

Daily Pivots: (S1) 171.61; (P) 172.08; (R1) 172.61; More…

Intraday bias in EUR/JPY is turned neutral with current recovery. Corrective fall from 175.41 could still extend lower. But downside should be contained by 170.87 and bring rebound. On the upside, above 173.42 will turn bias back to the upside for retesting 175.41. However, firm break of 170.87 will argue that larger correction is already underway and target 167.52 and possibly below.

In the bigger picture, as long as 170.87 resistance turned support holds, the long term up trend is still expected to continue. Next target is 100% projection of 139.05 to 164.29 from 153.15 at 178.38. However, firm break of 170.87 will bring deeper fall to 167.52 support. Decisive break there will confirm that larger correction in in progress for 153.15/164.29 support zone.

Daily Pivots: (S1) 129.06; (P) 129.47; (R1) 129.76; More….

Intraday bias in EUR/JPY remains neutral as range trading continues. Deeper fall remains mildly in favor with 131.07 resistance intact. On the downside, break of 128.85 will resume the fall from 134.11 to 127.07 resistance turned support next. On the upside, break of 131.07 resistance will argue that choppy fall from 134.11 has completed. Intraday bias will be turned back to the upside for 132.68 resistance 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, and open up the case for retesting 114.42.

Daily Pivots: (S1) 119.08; (P) 119.46; (R1) 119.84; 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) 163.94; (P) 164.17; (R1) 164.39; More…

Intraday bias in EUR/JPY remains neutral for consolidations below 165.33. Downside of current retreat should be contained by 55 4H EMA (now at 163.57) to bring rebound. On the upside, break of 165.33 will resume larger up trend to 61.8% projection of 153.15 to 163.70 from 160.20 at 166.71. However, sustained break of 55 4H EMA will turn bias to the downside for deeper fall to 160.20 support instead.

In the bigger picture, current rally is part of the up trend from 114.42 (2020 low), which is still in progress. Next target is 169.96 (2008 high). Break of 160.20 support is needed to be the first sign of medium term topping. Otherwise, outlook will stay bullish in case of retreat.

Daily Pivots: (S1) 132.16; (P) 132.52; (R1) 132.87; More…

Intraday bias in EUR/JPY remains neutral for consolidative trading below 134.39 high. 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, 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). 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. 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) 133.28; (P) 133.45; (R1) 133.70; More….

Intraday bias in EUR/JPY remains neutral and consolidation from 134.11 could extend. Further rally is still expected with 132.51 support intact. On the upside, sustained break of 100% projection of 114.42 to 127.07 from 121.63 at 134.28, will extend the up trend from 114.42 to 137.49 long term resistance next. On the downside, however, firm break of 132.51 will indicate short term topping and bring deeper pull back.

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 130.65 resistance turned 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). For now, outlook will stay bullish as long as 127.07 resistance turned support holds, in case of pull back.

EUR/JPY drew support from 131.69 and rebounded last week but it’s after all staying in recently established range of 131.69/134.39. Initial bias remains neutral this week 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.

In the long term picture, at this point, there is no clear indication that rise from 109.03 is resuming that from 94.11. Hence, we’d be cautious on topping below 149.76 to extend range trading. Nonetheless, firm break of 149.76 will indicates strong underlying buying. In such case, EUR/JPY will target 100% projection of 94.11 to 149.76 from 109.03 at 164.68.