Daily Pivots: (S1) 118.94; (P) 119.47; (R1) 120.21; More….

Intraday bias in EUR/JPY remains mildly on the upside at this point. Further rise should be seen to 100% projection of 115.86 to 120.01 from 117.07 at 121.16 first. On the downside, though, below 118.76 will mix up the outlook and turn intraday bias neutral first.

In the bigger picture, current development argues that a medium term bottom is formed at 115.86, on bullish convergence condition in daily MACD, ahead of 114.84 support. Break of 120.78 support turned resistance will affirm this case and bring further rise to falling channel resistance (now at 126.10). Reactions from there would decide whether the medium term has reversed. For now, further rise is expected as long as 117.07 support holds.

Daily Pivots: (S1) 123.58; (P) 124.30; (R1) 124.75; More….

EUR/JPY’s fall continues to as low as 123..31 so far today. With a head and shoulder top formed, decline from 127.07 should be correcting the whole rise from 114.42. Intraday bias stays on the downside for 38.2% retracement of 114.42 to 127.07 at 122.23. On the downside, above 125.01 minor resistance will turn intraday bias neutral first. But risk will now stay on the downside as long as 127.07 resistance holds, even in case of strong recovery.

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.

EUR/JPY dived to as low as 116.56 last week but turned sideway since then. Initial bias remains neutral this week for some more consolidations first. In case of another recovery, upside should be limited by 119.58 resistance to bring fall resumption. On the downside, break of 116.56 will resume larger down trend to 114.84 medium term support next.

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 123.35 resistance is needed to the first sign 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 should now extend this falling leg through 109.48 (2016 low). With EUR/JPY staying below 55 month EMA, this is the preferred case.

Daily Pivots: (S1) 121.00; (P) 121.49; (R1) 122.17; More….

EUR/JPY’s break of 121.96 suggests resumption of the recovery from 119.31. Intraday bias is turned back to the upside for retesting 124.43 high next. On the downside, break of 120.27 will turn bias to the downside for 119.31. Break will resume the decline from 124.43 to 61.8% retracement of 114.42 to 124.43 at 118.24.

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 119.90) 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) 120.30; (P) 120.50; (R1) 120.63; More…

Intraday bias in EUR/JPY stays neutral for consolidation below 121.18 temporary top. We’re holding on to the view that corrective fall from 124.08 has completed at 118.23 already, after defending 118.45 cluster support (38.2% retracement of 109.20 to 124.08 at 118.39). Decisive break of 121.32 resistance should confirm this case and target 124.08 high next. However, break of 119.45 support should invalidate this bullish view and would likely extend the fall from 124.08 through 118.23.

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. Strong rebound from 118.45 resistance turned support suggests that it’s still in progress. Break of 124.08 will target 126.09 key resistance level. We’d be cautious on strong resistance there to limit upside. However, sustained break there will be a strong sign of medium term momentum and could target 141.04 resistance next.

Daily Pivots: (S1) 130.00; (P) 130.70; (R1) 131.34; More….

Intraday bias in EUR/JPY remains on the downside and outlook is unchanged. Corrective pattern from 134.11 is extending with another falling leg. Deeper fall would be seen to 128.23 support first. break will target 127.36 support and below. On the upside break of 133.13 will bring retest of 134.11 high.

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 bearish reversal. In this case, deeper decline would be seen to 61.8% retracement at 121.94, and possibly below.

Daily Pivots: (S1) 128.40; (P) 128.90; (R1) 129.82; More…

EUR/JPY’s rally extends and reaches as high as 129.91 and there is no sign of topping yet. Firm break of medium term projection level at 128.89 will pave the way to next near term projection level at 100% projection of 114.84 to 125.80 from 122.39 at 133.35. On the downside, break of 127.99 support is needed to indicate short term topping. Otherwise, outlook will remain bullish in case of retreat.

In the bigger picture, the break of 126.09 support turned resistance should have confirmed completion of down trend form 149.76 (2014 high), at 109.03 (2016 low). Current rise from 109.03 has already met target of 100% projection of 109.03 to 124.08 from 114.84 at 129.89. Sustained break there will pave the way to 61.8% retracement of 149.76 to 109.03 at 134.20 and above. Medium term outlook will now remain bullish as long as 122.39 support holds.

EUR/JPY’s up trend continued last week and hit as high as 161.93. Initial bias stays on the upside this week. Further rise should be seen to 163.06 projection level next. Strong resistance could be seen there to limit upside on first attempt. On the downside, below 161.01 minor support will turn intraday bias neutral and bring consolidations first, before staging another rise.

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 target 169.96 (2008 high). 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.

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).

Daily Pivots: (S1) 119.53; (P) 119.93; (R1) 120.19; More….

EUR/JPY’s fall from 112.87 resumed by breaking 119.77 and intraday bias is back on the downside. Fall from 112.87 should target 119.24 cluster level first (61.8% projection of 122.87 to 119.77 from 121.15 at 119.23). Break there will further affirm this bearish case and target 100% projection at 118.05 next. For now, near term outlook will remain bearish as long as 121.15 resistance holds, in case of recovery.

In the bigger picture, EUR/JPY is still staying in the falling channel established since 137.49 (2018 high). Thus, outlook remains bearish. Rise from 115.86 is seen as a corrective rise, which might have completed. Firm break of 115.86 will resume the down trend to 114.84 support next.

Daily Pivots: (S1) 120.42; (P) 120.67; (R1) 120.86; More….

EUR/JPY is staying in consolidation from 121.46 and intraday bias remains neutral first. Deeper retreat could be seen, but downside should be contained by 119.11 support. On the upside break of 121.46 will resume the rise from 115.86 to 123.35 resistance next.

In the bigger picture, current development argues that a medium term bottom is formed at 115.86, on bullish convergence condition in daily MACD, ahead of 114.84 support. Decisive of 120.78 support turned resistance will affirm this case and bring further rise to falling channel resistance (now at 125.71). Reactions from there would decide whether the medium term has reversed. For now, further rise is expected as long as 117.07 support holds.

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.

EUR/JPY edged higher to 133.08 last week but continued to lose upside momentum, as seen in 4 hour MACD. Breach of 132.10 minor support argues that corrective rebound from 128.94 could have completed. Initial bias is turned to the downside this week for retesting 128.94 low. On the upside, above 133.08 will extend such rebound. But upside will likely be limited by 61.8% retracement of 137.49 to 128.94 at 134.22 and below.

In the bigger picture, price action from 137.49 medium term top are developing into a corrective pattern. Strong support from 55 week EMA (now at 129.91) suggests that the first leg has completed at 128.94 already. Nonetheless, break of 137.49 is needed to confirm resumption of the rise from 109.03 (2016 low). Otherwise, we’d expect more corrective range trading, with risk of another fall to 38.2% retracement of 109.03 to 137.49 at 126.61 before completion.

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) 136.55; (P) 136.96; (R1) 137.37; More….

Intraday bias in EUR/JPY remains neutral as consolidation from 139.99 is still extending. Downside of retreat 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) 143.90; (P) 144.32; (R1) 145.17; More….

Intraday bias in EUR/JPY remains neutral for the moment. Outlook is unchanged that correction from 148.38 could have completed at 140.75. Above 145.33 will target 146.12 resistance first. Firm break there will bring retest of 148.38 high. On the downside, however, break of 143.16 minor resistance will dampen this bullish case and turn intraday bias back to the downside for 140.75.

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 138.08), or further to 38.2% retracement of 114.42 to 148.38 at 135.40 before completion.

Daily Pivots: (S1) 141.78; (P) 142.21; (R1) 142.98; More….

Intraday bias in EUR/JPY stays neutral at this point. On the downside, break of 140.77 minor support will turn bias back to the downside, to extend the corrective pattern from 145.62 with another falling leg towards 137.32 support. On the upside, above 144.06 will bring retest of 145.62 high.

In the bigger picture, as long as 133.38 support holds, the up trend from 114.42 (2020 low) could still extend through 145.62 high. In that case, next target is 149.76 (2015 high). However, sustained break of 133.38 will be a sign of medium term bearish reversal and bring deeper fall to 124.37 support first.

Daily Pivots: (S1) 128.70; (P) 129.08; (R1) 129.73; More….

Intraday bias in EUR/JPY is turned neutral as the rebound from 128.28 quickly lost momentum. On the upside, decisive break of 130.65 high will resume larger up trend from 114.42. On the downside, below 128.28 will extend the correction from 130.65. But downside should be contained above 127.48 resistance turned support to bring rise resumption.

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 125.07 support holds. Next target is 137.49 (2018 high).

Daily Pivots: (S1) 124.48; (P) 126.15; (R1) 127.22; More….

EUR/JPY’s drops to as low as 124.38 so far today. Intraday bias stays on the downside for 121.94 medium term fibonacci level. On the upside, above 126.91 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.

Daily Pivots: (S1) 118.68; (P) 119.04; (R1) 119.59; More…..

EUR/JPY’s rise from 114.42 is still in progress and it should at least be correcting the fall from 122.87. Further rise should be seen to 121.14 resistance first. On the downside, though, break of 117.11 support will suggest completion of the rebound and turn bias back to the downside.

In the bigger picture, there is no clear sign of trend reversal yet. EUR/JPY is staying well inside falling channel and below falling 55 week EMA. Deeper fall could be seen to retest 109.48 (2016 low) next. On the upside, break of 122.87 resistance is needed to confirm medium term bottoming. Otherwise, outlook will stay bearish in case of rebound.

EUR/JPY’s decline from 145.62 accelerated lower last week. Initial bias is mildly on the downside this week with focus on 138.38 support turned resistance. Firm break there will raise the chance of larger reversal and target 133.38 support next. On the upside, break of 142.28 will revive near term bullishness and bring retest of 145.62 high instead.

In the bigger picture, as long as 133.38 support holds, the up trend from 114.42 (2020 low) could still extend through 145.62 high. In that case, next target 149.76 (2015 high). However, sustained break of 133.38 will be a sign of medium term bearish reversal and bring deeper fall to 124.37 support first.

In the long term picture, as long as 55 month EMA (now at 129.30) holds, up trend 109.03 should still extend higher to 149.76 resistance (2014 high). However, sustained break of 55 month EMA will argue that the three wave pattern has completed, and bring deeper fall back to 109.03/114.42 support zone.

EUR/JPY’s fall from 122.87 extended to as low as 118.86 last week. Current development is in line with the view that whole corrective rise from 115.86 has completed at 122.87 already. Initial bias remains on the downside this week for 100% projection of 122.87 to 119.77 from 121.15 at 118.05 next. On the upside, above 119.55 minor resistance will turn intraday bias neutral first. But recovery should be limited well below 121.15 resistance to bring fall resumption.

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 125.58), this is the preferred case.