Daily Pivots: (S1) 121.53; (P) 122.00; (R1) 122.37; More….

Intraday bias in EUR/JPY remains on the downside at this point. Fall from 127.07 should target 61.8% retracement of 114.42 to 127.07 at 119.25, which is close to 119.31 key support. We’d look for strong support there to contain downside to bring rebound. On the upside, break of 122.89 minor resistance will turn intraday bias neutral first. But outlook will be neutral at best as long as 125.08 resistance holds.

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) 121.99; (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.

EUR/JPY Daily Outlook

Daily Pivots: (S1) 127.73; (P) 128.16; (R1) 128.46; More….

EUR/JPY’s recovery attempt was rejected by 4 hour 55 EMA and focus is back on 127.61 support. Break there will resume the fall from 130.14 and target 126.63 support first. Break there will then resume the whole decline from 133.12 to 124.08/89 support zone. Overall, consolidation from 126.63 could still extend. But even in case of another strong recovery, outlook will stay bearish as long as 130.14 resistance holds.

In the bigger picture, as long as 124.08 key resistance turn supported holds, larger up trend from 109.03 (2016 low) could still resume. Firm break of 137.49 structural resistance will target 141.04/149.76 resistance zone next. However, decisive break of 124.08 will argue that such rise from 109.03 has completed and turn outlook bearish. In that case, deeper fall would be seen to 61.8% retracement of 109.03 to 137.49 at 119.90.

Daily Pivots: (S1) 142.50; (P) 143.76; (R1) 144.96; More….

Intraday bias in EUR/JPY remains neutral first, as it’s drawing support from 55 day EMA (now at 143.55). Strong rebound from current level, followed by break of 145.02 minor resistance will turn intraday bias back to the upside for retesting 148.38 high. However, sustained break of 38.2% retracement of 133.38 to 148.38 at 142.65 will bring deeper fall to 61.8% retracement at 139.11 and possibly below.

In the bigger picture, there is no clear sign of medium term topping yet. Up trend from 114.42 (2020 low) could still resume through1 48.38 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 144.42.

Daily Pivots: (S1) 128.58; (P) 128.95; (R1) 129.33; More….

Intraday bias in EUR/JPY remains on the downside. Current development argues that consolidation pattern from 134.11 is extending with another leg. Deeper decline would be seen to 127.36, and possibly further to 126.58 fibonacci level. On the upside, above 130.07 minor resistance will turn intraday bias neutral first. But risk will stay on the downside for now as long as 131.59 resistance holds.

In the bigger picture, price actions from 134.11 are currently seen as a consolidation pattern only. 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) 162.37; (P) 163.04; (R1) 163.55; More….

EUR/JPY’s break of 162.42 minor support suggest that rebound from 161.22 has completed. Intraday bias is back on the downside to extend the corrective pattern from 164.29, with a third leg. Deeper fall should be seen through 161.22 to 100% projection of 164.29 tot 161.22 from 163.77 at 160.63. But strong support should be seen from 159.75 resistance turned support to bring rebound. Nevertheless, for now, risk will stay on the downside as long as 163.70 resistance holds, in case of recovery.

In the bigger picture, rise from 114.42 (2020 low) is in progress. Next target is 169.96 (2008 high). On the downside, break of 159.75 resistance turned support is needed to be the first sign of medium term topping. Otherwise, outlook will remain bullish even in case of deep pullback.

Daily Pivots: (S1) 159.25; (P) 159.66; (R1) 160.26; More….

Intraday bias in EUR/JPY remains neutral for consolidation below 160.84. Outlook stay bullish as long as 157.67 support holds. Break of 160.84 will resume larger up trend to 163.06 projection level next.

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 139.05 at 163.06. On the downside, break of 154.32 support is needed to be the first sign of medium term topping. Otherwise, outlook will remain bullish even in case of deep pullback.

Daily Pivots: (S1) 143.71; (P) 144.57; (R1) 145.18; More….

Intraday bias in EUR/JPY remains neutral for consolidation below 145.66 temporary top. Rebound from 137.37 could be extending. On the upside, break of 145.66 will target 148.38 high. However, break of 143.12 minor support will mix up the outlook again and turn bias to the downside for 138.81 support instead.

In the bigger picture, as long as 55 week EMA (now at 139.78) holds, larger up trend from 114.42 (2020 low) is still in progress for 149.76 long term resistance. However, sustained break of 55 week EMA will bring deeper fall to 38.2% retracement of 114.42 to 148.38 at 135.40. Decisive break there will raise the chance of trend reversal, and target 61.8% retracement at 127.39.

Daily Pivots: (S1) 123.32; (P) 124.75; (R1) 125.68; More….

Intraday bias in EUR/JPY remains on the downside at this point. Prior break of 124.27 support firstly indicates resumption of fall from 127.50. Secondly it argues that rebound from 118.62 might be completed. Deeper decline would be seen to 61.8% retracement of 118.62 to 127.50 at 122.01. On the upside, above 125.08 minor resistance will turn intraday bias neutral first.

In the bigger picture, rebound from 118.62 might have completed earlier than expected at 127.50. EUR/JPY is held well inside medium term falling channel, and below 55 week EMA (now at 127.86). That is, the down trend from 137.49 (2018 high) might still be in progress. Break of 118.62 will target 109.03/114.84 long term support zone. On the upside, however, break of 127.50 will extend the rebound from 118.62 to 133.12 key resistance instead.

Daily Pivots: (S1) 129.61; (P) 129.88; (R1) 130.41; More….

EUR/JPY’s rebound from 127.36 resumed and hit as high as 130.21 so far. Current development suggests that whole consolidation from 134.11 has completed with three waves down to 127.36, ahead of 126.58 medium term fibonacci level. Intraday bias is back on the upside for retesting 133.44/134.11 resistance zone. On the downside, however, break of 129.25 minor support will dampen this bullish view and turn intraday bias neutral first.

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.

EUR/JPY stayed in the sideway pattern from 124.08 and outlook is unchanged. Initial bias remains neutral this week first. Overall, further rally is in favor as long as 120.90 support holds. Above 124.08 will target 126.09 key resistance next. As rise from 109.20 is still seen as a corrective pattern, we’d be cautious on topping around 126.09. Meanwhile, break of 120.90 will indicate short term topping and turn bias to the downside for 55 days EMA (now at 120.10).

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. Sustained trading below 55 day EMA will pave the way to retest 109.20.

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) 144.44; (P) 144.99; (R1) 145.43; More….

Intraday bias in EUR/JPY remains neutral for the moment. Correction from 148.38 might have completed at 142.54. Break of 147.09 resistance will indicate that larger up trend is ready to resume through 148.38 high. However, on the downside, sustained break of 142.65 will bring deeper fall to 61.8% retracement at 139.11 and possibly below.

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) 170.74; (P) 171.07; (R1) 171.43; More…

Intraday bias in EUR/JPY remains neutral at this point. Some consolidations could be seen first but further rally will remain in favor as long as 169.31 support hold, for 61.8% projection of 164.01 to 170.87 from 167.52 at 171.75. However, firm break of 169.31 will turn bias back to the downside for 167.52 support instead.

In the bigger picture, strong support from 55 D EMA indicates that the long term up trend is still in progress. Decisive break of 171.58 will confirm resumption and target 100% projection of 139.05 to 164.29 from 153.15 at 178.38. For now outlook will stay bullish as long as 164.01 support holds, even in case of deep pullback.

Daily Pivots: (S1) 124.03; (P) 124.33; (R1) 124.48; More…

EUR/JPY drops sharply to as low as 123.24 so far and deeper decline might be seen. But after all, it’s staying in the consolidation pattern from 125.80. Hence, we’d expect downside to be contained by 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 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) 129.89; (P) 130.45; (R1) 131.55; More….

Strong rebound from 129.34, together with bullish convergence condition in 4 hour MACD, suggests short term bottoming there. Intraday bias is mildly on the upside for 38.2% retracement of 137.49 to 129.34 at 132.45. But overall, decline from 137.49 shouldn’t be finished yet. We’d still expect another fall to 126.61 medium term fibonacci level at a later stage.

In the bigger picture, current development argues that rise from 109.03 has completed at 137.49, on bearish divergence condition in weekly MACD. Deeper fall should be seen to 38.2% retracement of 109.03 to 137.49 at 126.61 first. On the upside, break of 137.49 is needed to confirm medium term rise resumption. Otherwise, risk will now stay on the downside even in case of strong rebound.

Daily Pivots: (S1) 135.76; (P) 136.20; (R1) 136.42; More….

Intraday bias in EUR/JPY remains neutral for consolidation below 136.36 temporary top. Downside of retreat should be contained by 134.39 resistance turned support to bring another ally. Above 136.63 will extend the larger up trend towards 61.8% projection of 114.84 to 134.39 from 132.04 at 144.12.

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 now be targeting 141.04/149.76 resistance zone. On the downside, break of 132.04 support is needed to be the first sign of medium term reversal. Otherwise, outlook will stay bullish in case of pull back.

Daily Pivots: (S1) 122.09; (P) 122.21; (R1) 122.37; More….

EUR/JPY’s corrective fall from 122.87 short term top is in progress. Intraday bias remains mildly on the downside for 55 day EMA (now at 121.17). Break there will target 120.17 structural support. On the upside, break of 122.87 will extend larger rise from 115.86 to medium term channel resistance (now at 124.26).

In the bigger picture, EUR/JPY is still staying in the falling channel established since 137.49 (2018 high). Rise from 115.86 is seen as a corrective rise for the moment. Strong resistance could be seen at falling channel resistance to limit upside. However, sustained break of the channel resistance will carry larger bullish implication and target 127.50 key resistance next.

Daily Pivots: (S1) 132.93; (P) 133.38; (R1) 134.29; More….

EUR/JPY rebounds further but stays in range of 131.65/134.48 and intraday bias remains neutral at this point. 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.

EUR/JPY stayed in consolidation from 119.31 last week and outlook is unchanged. Initial bias remains neutral this week first. As long as 122.11 resistance holds, further decline is expected. Break of 119.31 will resume the fall from 124.43 to 61.8% retracement of 114.42 to 124.43 at 118.24. On the upside, however, break of 122.11 will turn bias back to the upside for retesting 124.43 instead.

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 119.60) 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 124.40) should confirm the start of another medium term rising leg.

Daily Pivots: (S1) 133.97; (P) 134.51; (R1) 135.27; More….

EUR/JPY’s price actions from 139.99 are seen as a corrective pattern. Deeper fall could still be seen as long as 138.33 resistance holds. Below 132.63 will target 61.8% retracement of 124.37 to 139.99 at 130.33. Nevertheless, break of 138.33 will indicate that the correction has completed, and bring retest of 139.99 high next.

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.