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.

Daily Pivots: (S1) 140.75; (P) 141.61; (R1) 142.46; More….

Intraday bias in EUR/JPY is turned neutral with today’s recovery. But further decline is expected as long as 146.12 resistance holds. Break of 140.75 will resume the fall from 148.38 to 100% projection of 148.38 to 142.54 from 146.12 at 140.28. Firm break there could prompt downside acceleration to 161.8% projection at 136.67 next.

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) 128.39; (P) 128.98; (R1) 129.32; More….

Intraday bias in EUR/JPY remains on the downside at this point. Rebound from 124.61 could have completed with three waves up to 131.97 already. Deeper fall would be seen for 127.13 support first. Decisive break there will bring retest of 124.61 low. On the upside, above 129.52 minor resistance will turn intraday bias neutral first. But near term outlook will remain cautiously bearish as long as 131.13 resistance holds.

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) 120.75; (P) 121.09; (R1) 121.59; More…..

Intraday bias in EUR/JPY remains neutral and consolidation from 119.31 might extend. But further decline remains in favor with 122.11 minor resistance intact. On the downside, break of 119.31 will resume the fall from 124.43 to 61.8% retracement of 114.42 to 124.43 at 118.24. 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 119.39) 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) 128.88; (P) 129.43; (R1) 130.27; More….

EUR/JPY lacks a clear direction for the moment as it dipped to 128.31 but then quickly recovered with weak upside momentum. Intraday bias stays neutral first. On the upside, break of 130.86 will extend the rise from 124.89 and target 131.97/132.56 key resistance zone. on the downside however, break of 128.31 will extend the fall from 130.86 to 61.8% retracement of 124.89 to 130.86 at 127.17 and below.

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.

EUR/JPY dropped sharply to as low as 125.06 last week and there is no sign of bottoming yet. Initial bias stays on the downside this week for 121.94 medium term fibonacci level. On the upside, above 127.28 minor resistance will turn intraday bias neutral and bring consolidation first, before staging another fall.

In the bigger picture, current development suggests that whole rise from 114.42 (2020 low) has completed 134.11 already. Fall from there is developing into a medium term down trend. Next target is 61.8% retracement of 114.42 to 134.11 at 121.94. On the upside, firm break of 127.36 support turned resistance is needed to be the first sign of medium term bottoming. Otherwise, outlook will stay bearish in case of recovery.

In the long term picture, EUR/JPY is staying in long term sideway pattern, established since 2000. Long term outlook will remain neutral until breakout from the range of 109.03/137.49.

Daily Pivots: (S1) 124.77; (P) 125.03; (R1) 125.36; More….

Intraday bias in EUR/JPY remains neutral as range trading continues. For now, we’re favoring the case that rebound from 118.62 has completed at 125.95 already, just ahead of 55 day EMA. On the downside, break of 123.78 will add more credence to this case and target a test on 118.62 low. On the upside, 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 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.

Daily Pivots: (S1) 123.73; (P) 124.07; (R1) 124.63; More….

EUR/JPY is staying in tight range below 125.09 and intraday bias remains neutral first. For now, we’d still expect strong resistance around 124.61 to complete the rebound from 118.62 low. Larger decline is expected to resume afterwards. Break of 123.40 will affirm our view and turn bias back to the downside for retesting 118.62 low first. However, sustained break of 124.61 will dampen our view and extend the rebound to 127.09 resistance next.

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 seen as a medium term fall, resuming the decline from 149.76 (2014 high). Such decline should break through 109.03 low next. This will remain the preferred case as long as 124.61 support turned resistance holds. Sustained break of 124.61 will mix up the outlook and we’ll reassess on the final structure of the rebound from 118.62.

Daily Pivots: (S1) 127.11; (P) 128.73; (R1) 129.59; More….

Focus is now on 127.78 support after the sharp decline from 130.33. Firm break there will confirm completion of the rebound from 124.61. Retest of 124.61 should be seen back then. Nonetheless, break of 103.33 will resume the rebound from 124.61 to retest 133.47 high.

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) 127.80; (P) 128.24; (R1) 128.89; More….

No change in EUR/JPY’s outlook. We’d continue to expect strong resistance from 128.94 support turned resistance to limit upside to complete the rebound from 124.61. Break of 126.29 minor support will bring retest of 124.61 first. Break will resume whole fall from 137.49 and target next medium term fibonacci level at 119.90.

In the bigger picture, the case of medium term trend reversal continues to build up. That is rise from 109.03 (2016 low) could have completed at 137.49 already. This is supported by bearish divergence in daily MACD and firm break of the medium term channel support. Focus is now on 124.08 resistance turned support. Decisive break there will confirm this bearish case and target 61.8% retracement of 109.03 to 137.49 at 119.90 and below. This will be the preferred case as long as 128.94 support turned resistance holds.

Daily Pivots: (S1) 124.07; (P) 124.48; (R1) 125.08; More….

Intraday bias in EUR/JPY remains mildly on the upside at this point. Rise from 122.37 should target a test on 127.07 high. As 38.2% retracement of 114.42 to 127.07 at 122.23 was defended well, we’d expect larger rebound from 114.42 to resume later, with a break of 127.07. On the downside, though, break of 123.84 minor support will suggest that the recovery from 122.37 has completed. Intraday bias will be turned back to the downside for 122.23 fibonacci support.

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) 118.17; (P) 118.99; (R1) 120.44; More….

EUR/JPY’s rebound from 115.86 resumed after brief volatility. Intraday bias is back on the upside for 61.8% retracement of 123.35 to 115.86 at 120.48 next. Sustained break will target 123.35 key resistance. On the downside, break of 117.55 will turn bias back to the downside for retesting 115.86.

In the bigger picture, down trend from 137.49 (2018 high) is still in progress. It’s seen as a falling leg of multi-year sideway pattern. Deeper fall could be seen to 109.48 (2016 low and below). On the upside, break of 120.78 support turned resistance is needed to be the first sign medium term reversal. Otherwise, outlook will remain bearish in case of strong rebound.

Daily Pivots: (S1) 159.02; (P) 160.40; (R1) 161.15; More….

Intraday bias in EUR/JPY remains on the downside at this point. Fall from 164.29 is in progress for 161.8% projection of 164.29 to 161.22 from 163.70 at 158.73. Sustained break there will target 154.32 cluster support (38.2% retracement of 139.05 to 164.29 at 154.64). On the upside, above 160.58 support turned resistance will turn intraday bias neutral and bring consolidations first.

In the bigger picture, bearish divergence condition in 55 D EMA indicates that a medium term top could be formed at 164.29 already, after hitting rising channel resistance. But price actions from there are tentatively seen as a correction only. There is no clear sign that the up trend from 144.42 (2020 low) has completed yet. As long as 55 W EMA (now at 152.12) holds, another rally through 164.29 is still in favor as a later stage.

Daily Pivots: (S1) 156.86; (P) 157.50; (R1) 157.96; More….

Intraday bias in EUR/JPY stays neutral for the moment. Risk will be mildly on the downside as long as 158.64 resistance holds. Break of 156.57 support, and sustained trading below 55 D EMA (now at 156.80) will argue that fall from 159.75 is a larger scale correction. Deeper decline would be seen back towards 151.39 support. Nevertheless, above 158.64 would bring retest of 159.75 high instead.

In the bigger picture, as long as 151.39 support holds, rise from 114.42 is still expected to continue. Next target is 100% projection of 124.37 to 148.38 from 139.05 at 163.06. Sustained break there will pave the way to retest long term resistance at 169.96.

Daily Pivots: (S1) 122.40; (P) 123.19; (R1) 124.53; More…..

EUR/JPY’s rally continues to accelerate and hits as high as 124.43 so far. The strong break of 122.87 resistance suggests larger bullish reversal. Intraday bias remains on the upside for next fibonacci level at 128.67. On the downside, break of 121.84 support is needed to indicate short term topping. Otherwise, outlook will remain bullish in case of retreat.

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) 128.70; (P) 128.93; (R1) 129.28; More….

Intraday bias in EUR/JPY stays neutral with focus 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.

EUR/JPY dropped to as low as 118.37 last week and breach of 118.46 support suggests resumption of whole decline from 122.87. Also, the development revises the case that larger rebound from 115.86 has completed at 122.87 already. Initial bias stays on the downside this week for 100% projection of 122.87 to 118.46 from 121.39 at 116.98 next. For now, risk will remain on the downside as long as 121.39 resistance holds, in case of recovery.

In the bigger picture, outlook remains bearish as the cross is staying well inside falling channel established since 137.49 (2018 high). It was also just rejected by 55 week EMA. Break of 115.86 will extend the down trend from 137.49 (2018 high) to 114.84 support next.

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 125.42), this is the preferred case.

EUR/JPY’s decline from 164.29 accelerated to as low as 153.15 last week, but recovered after breaching 154.32 cluster support (38.2% retracement of 139.05 to 164.29 at 154.64). Initial bias is turned neutral this week for consolidations first. Upside of recovery should be limited below 158.36 minor resistance to bring another fall. Sustained trading below 154.32 will target 61.8% retracement at 148.69 next.

In the bigger picture, price actions from 164.29 medium term top are tentatively seen as a correction to rise from 139.05 for now. As long as 148.48 resistance turned support holds (2022 high), larger up trend from 114.42 (2020 low) could still resume through 164.29 at a later stage.

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 114.42 at 170.07 which is close to 169.96 (2008 high). This will remain the favored case as long as 148.48 resistance turned support holds.

EUR/JPY’s steep decline and strong break of 126.63 support last week indicates resumption of fall from 133.12. Intraday bias remains on the downside for the moment. Current fall should target 124.08/89 support zone next. On the upside, break of 127.68 minor resistance is needed to be the first sign of short term bottoming. otherwise, outlook will remain bearish even in case of recovery.

In the bigger picture, with the current decline, focus would be back on 124.08 key resistance turn supported holds. 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.

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.