EUR/JPY rose further to 130.86 last week but formed a top there and retreated sharply. As long as 38.2% retracement of 124.89 to 130.86 at 128.57 holds, another rise is mildly in favor. 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.

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.

EUR/JPY stayed in consolidation from 127.48 last week after failing to break through this resistance. Initial bias is neutral this week for some consolidations first. On the upside, decisive break of 127.48 will resume larger rise from 114.42, to 128.67 fibonacci level. In case of another fall, downside should be contained by 125.07 support to bring rebound.

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 121.63 support holds. Next target is 61.8% retracement of 137.49 (2018 high) to 114.42 at 128.67. Sustained trading above there will target 137.49 next. However, firm break of 121.63 will argue that the rise from 114.42 has completed and turn focus back to this low.

In the long term picture, EUR/JPY is staying in long term sideway pattern, established since 2000. Another rising leg could have started for 137.49 resistance and above.

Daily Pivots: (S1) 126.02; (P) 126.35; (R1) 126.70; More….

Intraday bias in EUR/JPY remains mildly on the upside at this point. Current rebound from 125.07 would target a test on 127.48 high. On the downside, below 125.98 minor support will turn bias neutral again 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 121.63 support holds. Decisive break of 127.07 will target 61.8% retracement of 137.49 (2018 high) to 114.42 at 128.67. Sustained trading above there will target 137.49 next. However, firm break of 121.63 will argue that the rise from 114.42 has completed and turn focus back to this low.

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) 130.42; (P) 130.96; (R1) 131.63; More….

Intraday bias in EUR/JPY remains on the upside. Current rise from 124.89 should target 131.97 resistance and then key fibonacci resistance at 132.56. On the downside, break of 130.09 minor support will turn intraday bias neutral again. But outlook stays cautiously bullish as long as 127.85 support holds.

In the bigger picture, as long as 124.08 key resistance turned support, larger up trend from 109.03 (2016 low) remains in favor to continue. Decisive break of 61.8% retracement of 137.49 to 124.61 at 132.56 will pave the way to retest 137.49 high. However, 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) 131.22; (P) 131.59; (R1) 131.89; More….

Intraday bias in EUR/JPY remains neutral with focus now on 131.21 support. Break there will likely extend the correction from 134.11 through 130.02. But in this case, we’d expect strong support from 38.2% retracement of 121.63 to 134.11 at 129.34 to bring rebound. On the upside, break of 132.68 will bring retest of 134.11 high instead.

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) 129.89; (P) 130.42; (R1) 130.94; More….

Intraday bias in EUR/JPY remain son the downside for 128.94 support. Break will resume whole decline from 137.49 and 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.

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) 131.18; (P) 131.45; (R1) 131.74; More….

EUR/JPY’s rally is still in progress and intraday bias remains on the upside. Current rally from 124.61 should target 100% projection of 124.61 to 130.33 from 127.13 at 132.85 next. On the downside, below 130.79 minor support will turn bias to the downside and bring retreat. But downside should be contained by 129.55 resistance turned support to bring another rally.

In the bigger picture, the strong break of channel resistance from 137.49 suggests that the decline from there as completed. The three wave structure suggests that it’s a correction. With 124.08 key resistance turned support intact, medium term bullishness is also retained. Break of 133.47 will affirm this bullish case and target 137.49 and above. This will now be the favored case as long as 127.13 support holds.

EUR/JPY surged to as high as 133.12 last week before forming a temporary top there and retreated. Initial bias is neutral this week first. Current development suggests that whole corrective fall from 137.49 has completed, ahead of 124.08 key support. Further rise is expected as long as 130.86 resistance turned support holds. On the upside, above 133.12 will target 100% projection of 124.89 to 130.86 from 127.85 at 133.82 first. Break will target 137.49 high. However, firm break of 130.86 will dampen this bullish view and turn focus back to 127.85 support.

In the bigger picture, current development suggests that EUR/JPY has defended key support level of 124.08 key resistance turned support. And, the larger up trend from 109.03 (2016 low) is still in progress. Firm break of 137.49 will target 141.04/149.76 resistance zone next. This will now be the preferred case as long as 127.85 near term support holds.

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.

EUR/JPY’s fall from 133.12 accelerated to as low as 126.63 last week. The break of 127.85 support confirmed completion of rebound fro 124.89 at 133.12. Initial bias stays on the downside this week for retest 124.89 low. On the upside, above 128.44 minor resistance will turn intraday bias neutral first. But break of 130.20 resistance is needed to indicate completion of the fall from 133.12. Otherwise, near term outlook will now be mildly bearish even in case of recovery.

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.

EUR/JPY’s decline last week suggests rejection by 121.39 resistance. Initial focus is now on 115.86/116.12 support zone this week. Decisive break there will resume larger down trend. Next near term target will be 100% projection of 122.78 to 116.12 from 121.14 at 114.39. On the upside, though, break of 118.87 minor resistance will argue that consolidation from 115.86 is extending with another rising leg. Intraday bias will be turned back to the upside for 121.14 resistance.

In the bigger picture, outlook remains bearish as the cross is staying well inside falling channel established since 137.49 (2018 high), as well as falling 55 week EMA. As long as 122.87 resistance holds, the down trend form 137.49 should extend to 109.48 (2016 low). However, sustained break of 122.87 will indicate medium term bullish reversal.

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 124.84), this is the preferred case.

Daily Pivots: (S1) 126.49; (P) 126.64; (R1) 126.81; More….

EUR/JPY lost some upside omentum as seen in 4 hour MACD. Intraday bias is turned neutral first. Further rise is expected as long as 125.61 resistance turned supported holds. Above 126.79 will target 127.50 resistance first. . Decisive break there will resume whole rise from 118.62 for medium term channel resistance at 129.15 next. However, break of 125.61 will turn bias back to the downside for 123.65 support instead.

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.

Daily Pivots: (S1) 130.99; (P) 131.55; (R1) 131.85; More….

Intraday bias in EUR/JPY remains on the downside as fall from 133.47 is still in progress. As noted before, corrective rise from 128.94 has completed at 133.47 already. Deeper decline is expected to retest 128.94 low next. And, break there will resume whole fall from 137.49. On the upside, above 132.53 minor resistance will delay the bearish case. Intraday bias would be turned to the upside to extend the rebound from 128.94. Still, we expect strong resistance from 61.8% retracement of 137.49 to 128.94 at 134.22 to limit upside and bring near term reversal eventually.

In the bigger picture, price action from 137.49 medium term top are developing into a corrective pattern. The first leg has completed at 128.94. The second leg might be finished at 133.47 or it might extend. But after all, we’d expect another decline through 128.94 to 38.2% retracement of 109.03 to 137.49 at 126.61 before completing the correction.

EUR/JPY’s break of 158.03 resistance last week confirmed up trend resumption. But as a temporary top was formed at 159.20, initial bias is turned neutral this week for some consolidations first. Downside of retreat should be contained above 155.51 support to bring another rally. On the upside, break of 159.20 will target 61.8% projection of 139.05 to 157.99 from 151.39 at 163.09 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. Sustained break there will pave the way to retest long term resistance at 169.96. This will now remain the favored case as long as 151.39 support holds, even in case of deep pull back.

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).

EUR/JPY formed a temporary top at 137.50 last week, after hitting 137.49 long term resistance, and turned sideway. Initial bias remains neutral first. As long as 133.70 support holds, further rally is still expected. On the upside, sustained break of 137.49 resistance will resume larger up trend for 144.06 projection level next. However, firm break of 133.70 will indicate short term topping, and turn bias back to the downside for deeper pull back.

In the bigger picture, up trend from 114.42 (2020 low) is in progress. Sustained break of 137.49 (2018 high) will resume larger 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.

In the long term picture, focus is now on 137.49 resistance (2018 high). Sustained break there will raise the chance that whole rise from 94.11 (2012 low) is resuming through 149.76 resistance. This will be a slightly favored case for now, as long as 124.37 support holds.

Daily Pivots: (S1) 117.83; (P) 118.16; (R1) 118.45; More….

EUR/JPY is bounded in consolidation from 117.51. Intraday bias remains neutral at this point. With 119.87 resistance intact, near term outlook remains bearish. On the downside, break of 117.51 will resume the large down trend to 114.84 support next. However, break of 119.87 resistance will indicate short term bottoming. Stronger rebound should be seen to 55 day EMA (now at 120.67).

In the bigger picture, down trend from 137.49 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 127.50 resistance is needed to confirm medium term reversal. Otherwise, outlook will remain bearish in case of strong rebound.

Daily Pivots: (S1) 131.45; (P) 131.61; (R1) 131.95; More….

Intraday bias in EUR/JPY remains neutral at this point. On the downside, break of 131.21 support will likely extend the correction from 134.11 through 130.02. But in this case, we’d expect strong support from 38.2% retracement of 121.63 to 134.11 at 129.34 to bring rebound. On the upside, break of 132.68 will bring retest of 134.11 high instead.

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) 130.69; (P) 131.19; (R1) 131.58; More….

EUR/JPY’s rally continues today and reaches as high as 132.15, breaking 131.97 resistance. Intraday bias stays on the upside for key fibonacci resistance at 132.56. sustained break there should pave the way to retest 137.49 high. On the downside, below 130.89 minor support will turn intraday bias neutral first. But near term outlook will stay cautiously bullish as long as channel support holds (now at 129.42).

In the bigger picture, as long as 124.08 key resistance turned support, larger up trend from 109.03 (2016 low) remains in favor to continue. Decisive break of 61.8% retracement of 137.49 to 124.61 at 132.56 will pave the way to retest 137.49 high. However, 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) 124.98; (P) 125.72; (R1) 126.15; More….

EUR/JPY is staying in consolidation from 127.07 and intraday bias remains neutral first. Larger rise is in favor to continue and break of 127.07 will resume the rally from 114.42, to 128.67 fibonacci level. Nevertheless, considering bearish divergence condition in daily MACD, firm break of 124.44 will confirm short term topping. Intraday bias will be turned back to the downside for 38.2% retracement of 114.42 to 127.07 at 122.23.

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 137.49 (2018 high). This will remain the preferred case for now, as long as 119.31 support holds.