Daily Pivots: (S1) 127.24; (P) 127.59; (R1) 128.09; More….

Intraday bias in EUR/JPY is turned neutral with a temporary low formed at 126.63. But deeper decline is still expected with 128.50 minor resistance holds. Rebound from 124.61 could have finished at 130.33 already, after rejection by 55 day EMA. Below 126.63 will target a test on 124.08/61 support zone. Nonetheless, break of 128.50 will turn focus back to 130.33.

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) 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) 128.39; (P) 129.11; (R1) 129.67; More….

Focus in EUR/JPY remains on 38.2% retracement of 124.89 to 130.86 at 128.57. As long as 128.57 holds, another rise is still mildly in favor. On the upside, above 129.83 minor resistance will turn bias back to the upside for 130.86 first and then resistance zone between 131.97 and 61.8% retracement of 137.49 to 124.61 at 132.56. However, 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.

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) 129.83; (P) 130.47; (R1) 130.91; More….

EUR/JPY dips notably after hitting 131.13 and intraday bias is turned back to the downside for 129.10 support. Break will extend the fall from 131.97 and target 127.13 support. On the upside, above 131.13 will likely resume the rebound from 124.61 thorugh 131.97.

In the bigger picture, for now, medium outlook remains cautiously bullish. the three wave structure of the fall from 137.49 to 124.61 argues that it’s a correction. Also, 124.08 key resistance turned support was defended. Break of 133.47 resistance will affirm the bullish case that rise from 109.03 (2016 low) is still in progress for another high above 137.49. And this will remain the favored case as long as 127.13 support holds.

Daily Pivots: (S1) 130.18; (P) 131.07; (R1) 131.64; More….

At this point, EUR/JPY’s rebound from 129.34 short term bottom should still extend higher to 38.2% retracement of 137.49 to 129.34 at 132.45. We’d be cautious on strong resistance from there to limit upside. Break of 129.34 will resume the whole decline from 137.49 to 126.61 medium term fibonacci level. Nonetheless, sustained break of 132.45 will target 61.8% retracement at 134.37 first, before resuming the fall from 137.49.

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) 148.61; (P) 149.20; (R1) 149.69; More….

Further rise is mildly on the upside in EUR/JPY for retesting 151.60 high. Decisive break there will resume larger up trend. On the downside, however, break of 146.12 will resume the fall to 61.8% retracement of 139.05 to 151.60 at 143.84.

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.

Daily Pivots: (S1) 128.52; (P) 128.78; (R1) 129.07; More….

EUR/JPY drew support from 4 hour 55 EMA and recovers today. But it’s staying below 130.33 resistance. Intraday bias remains neutral first. On the upside, break of 130.33 will resume the rebound from 124.61. And by then, EUR/JPY should have also taken out near term falling channel decisively. That would be a strong sign of trend reversal. In that case, further rise should be seen to 133.47 resistance for confirmation. On the downside, break of 127.13 will bring retest of 124.61 low instead.

In the bigger picture, for now, EUR/JPY is holding above 124.08 key resistance turned support. Fall from 137.49 could be proven to be a correction. Decisive break of 133.47 resistance will confirm its completion and should extend the rise from 109.03 (2016 low) through 137.49 high. However, 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.

Daily Pivots: (S1) 123.66; (P) 123.93; (R1) 124.27; More….

Intraday bias in EUR/JPY remains neutral first. With 124.31 resistance intact, further decline remains in favor. On the downside, sustained break of 38.2% retracement of 114.42 to 127.07 at 122.23 will extend the fall from 127.07 to 61.8% retracement at 119.25, which is close to 119.31 key support. Nevertheless, on the upside, firm break of 124.31 will argue that the pull back from 127.07 has completed. Intraday bias will be turned back to the upside for retesting this high.

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.

EUR/JPY’s breach of 120.68 minor resistance suggests that rebound from 119.24 is resuming. Initial bias is now on the upside this week for 121.46 resistance first. Break will resume larger rally from 115.86 to 123.35 resistance next. On the downside, below 120.27 minor support will turn intraday bias neutral again. But overall near term outlook will remain bullish as long as 119.11 support holds.

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 125.93), this is the preferred case.

EUR/JPY’s rise from 123.65 accelerated to as high as 126.76 last week and the development confirmed completion of correction from 127.50 at 123.65. Initial bias stays on the upside for retesting 127.50. Decisive break there will resume whole rise from 118.62 for medium term channel resistance at 129.15 next. On the downside, break of 125.61 resistance turned support will need to indicate completion of the rise. Otherwise, near term outlook will remain cautiously bullish in case of retreat.

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.

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. Break of 118.62 will extend this falling leg through 109.03 low. On the upside, break of 133.12 resistance bring retest of 149.76 (2014 high).

EUR/JPY dropped to 120.95 last week but recovered ahead of 120.78 support. The development suggests that consolidation from 120.78 is extending with another rise. Initial bias is mildly on the upside this week for 123.18 resistance. Upside should be limited below 123.73 resistance to bring fall resumption eventually. On the downside, firm break of 120.78 will resume the fall 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.

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. Break of 118.62 will extend this falling leg through 109.48 (2016 low). With EUR/JPY staying below 55 month EMA, this is now the preferred case.

Daily Pivots: (S1) 128.76; (P) 129.00; (R1) 129.41; More….

Despite a rather strong rebound, upside was limited below 129.25 minor resistance. Intraday bias in EUR/JPY stays neutral first and deeper fall is expected. As noted before, rebound from 124.61 could have completed with three waves up to 131.97 already. Below 128.49 will target 127.13 support for confirmation. Overall, near term risk will stay on the downside as long as 131.13 resistance holds, even in case of stronger than expected rebound.

In the bigger picture, for now, EUR/JPY is still holding above 124.08 key support turned resistance. And the larger rise from 109.03 (2016 low) mildly in favor to resume. Break of 133.47 should send the cross through 137.49 high. However, decisive break of 124.08 will confirm medium term reversal and could then pave the way back to 109.03 low and below.

Daily Pivots: (S1) 131.16; (P) 131.32; (R1) 131.60; More….

EUR/JPY is still staying in consolidation in range of 128.94/132.40. Intraday bias remains neutral. With 132.40 resistance intact, near term outlook remains bearish and further decline is expected. On the downside, break of 128.94 will extend the whole fall from 137.49 to 126.61 medium term fibonacci level next. Nonetheless, break of 132.40 should confirm short term bottoming and turn bias back to the upside for stronger rebound.

In the bigger picture, current development argues that rise from 109.03 (2016 low) 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. Sustained break there would pave the way to 61.8% retracement at 119.90. On the upside, break of 132.40 resistance will indicate that the pull back is completed and bring retest of 137.49. But still, break of 137.49 is needed to confirm medium term rise resumption. Otherwise, outlook is neutral at best for consolidations.

EUR/JPY stayed in range above 127.49 last week and initial bias stays neutral this week first. Also, near term outlook remains mildly bearish with 130.14 resistance intact, and further decline is expected. On the downside, break of 127.49 will turn bias to the downside for 126.63 support first. Break there will resume whole fall from 133.12 and target 124.08/89 support zone. On the upside, however, break of 130.14 will resume the rebound from 126.63 towards 133.12 resistance.

In the bigger picture, as long as 124.08 key resistance turn supported holds, larger up trend from 109.03 (2016 low) is still in progress. 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.

In the long term picture, at this point, EUR/JPY is staying in long term sideway pattern, established since 2000. Rise from 109.03 is seen as a leg inside the pattern. As long as 124.08 support holds, further rally is in favor in medium to long term through 149.76 high. However, break of 124.08 could extend the fall through 109.03 low instead.

Daily Pivots: (S1) 127.60; (P) 127.93; (R1) 128.54; More….

With 126.60 minor support intact, further rise is expected in EUR/JPY for 55 day EMA (now at 128.78). Sustained trading above there will target 131.97 key resistance next. On the downside, below 126.60 minor support will bring retest of 124.61/89 support zone instead.

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) 127.60; (P) 127.92; (R1) 128.21; More….

Intraday bias in EUR/JPY is neutral for the moment, but further decline is expected as long as 129.58 resistance holds. Break of 127.47 will target 126.58 medium term fibonacci level next. On the upside, however, break of 129.58 resistance will indicate short term bottoming, and turn bias back to the upside for rebound back to 55 day EMA (now at 130.02) 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’s decline from 133.47 accelerated to as low as 129.89 last week. The development is in line with the view that corrective rise from 128.94 has completed at 133.47. And, fall from 137.49 is possibly resuming. Initial bias remains on the downside this week for 128.94 low first. Break will target 61.8% projection of 137.49 to 128.94 from 133.47 at 128.18 next. On the upside, above 131.13 minor resistance will turn bias neutral and bring recovery. But upside should be limited well below 133.47 resistance to bring another decline.

In the bigger picture, for now, price actions from 137.49 are viewed as a corrective pattern only. Hence, while, deeper decline would be seen, strong support is expected at 38.2% retracement of 109.03 to 137.49 at 126.61 to contain downside and bring rebound. Up trend from 109.03 (2016 low) is expected to resume afterwards. Though, sustained break of 126.61 will be an important sign of trend reversal and will turn focus to 124.08 resistance turned support.

In the long term picture, at this point, EUR/JPY is staying in long term sideway pattern, established since 2000. Rise from 109.03 is seen as a leg inside the pattern. As long as 124.08 support holds, further rally is in favor in medium to long term through 149.76 high. However, break of 124.08 could extend the fall through 109.03 low instead.

Daily Pivots: (S1) 121.52; (P) 121.94; (R1) 122.29; More…..

Intraday bias in EUR/JPY stays on the downside at this point. Correction from 124.43 short term top would extend to 38.2% retracement of 114.42 to 124.43 at 120.60. Some support could be seen there to bring rebound. On the upside, break of 124.43 will resume the rise from 114.42.

In the bigger picture, the firm break of 122.87 resistance suggests that whole down trend from 137.49 (2018 high) has completed at 114.42. Current rally should now 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 118.45) holds.

Daily Pivots: (S1) 136.89; (P) 137.49; (R1) 137.93; More….

Intraday bias in EUR/JPY remains neutral as consolidation from 139.99 is extending. In case of another decline, downside should be contained by 38.2% retracement of 124.37 to 139.99 at 134.02 to bring rebound. On the upside, firm break of 139.99 will resume larger up trend for 144.06 medium term projection level.

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) 122.10; (P) 122.64; (R1) 123.10; More….

Intraday bias in EUR/JPY remains on the downside at this point. Corrective decline from 127.07 is in progress. Sustained break of 38.2% retracement of 114.42 to 127.07 at 122.23 will target 61.8% retracement at 119.25, which is close to 119.31 key support. On the upside, above 123.18 minor resistance will turn intraday bias neutral first.

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.