Daily Pivots: (S1) 117.14; (P) 117.32; (R1) 117.54; More….

Intraday bias in EUR/JPY remains mildly on the downside for the moment. Corrective recovery from 115.86 should have completed at 120.01. Deeper fall should be seen to retest 115.86 low. On the upside, above 118.47 minor resistance will turn bias back to the upside for 120.01 resistance instead.

In the bigger picture, as long as 120.78 support turned resistance holds, down trend from 137.49 (2018 high) should still be in progress. Break of 115.86 will target 109.48 (2016 low) and below. However, sustained break of 120.78 will be the first indication of medium term reversal. Further rise would then be seen to 127.50 resistance for confirmation.

EUR/JPY roses further to 160.17 last week but retreated ahead of 100% projection of 153.15 to 158.55 from 155.06 at 160.46. Initial bias remains neutral this week first. Further rise is mildly in favor as long as 157.19 minor support holds. Firm break of 160.46 will pave the way to 161.8% projection at 163.79. However, break of 157.19 support will argue that the rebound has completed, and turn bias back to the downside.

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 114.42 (2020 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 strong rebound from 153.32 last week argues that pull back from 157.99 has completed already. Initial bias is now mildly on the upside this week for retesting 157.99 first. Firm break there will resume larger up trend. On the downside, break of 153.32 will extend the pull back from 157.99 to 55 D EMA (now at 152.38) and possibly below.

In the bigger picture, as long as 151.60 resistance turned support holds, rise from 114.42 (2020 low) is in progress. On resumption, next target is 100% projection of 124.37 to 148.38 from 138.81 at 162.82. Nevertheless, sustained break of 151.60 will argue that larger correction is already underway.

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 109.03 at 164.68, and possibly further to 169.96 (2008 high).

Daily Pivots: (S1) 127.16; (P) 128.18; (R1) 128.71; More….

Intraday bias in EUR/JPY remains on the downside as this point. Rebound from 126.63 has completed at 130.14. Deeper fall should be see back to 124.61/89 support zone. On the upside, break of 130.14 resistance is now needed to confirm rise resumption. Otherwise, near term outlook will stay cautiously bearish 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.

Daily Pivots: (S1) 121.57; (P) 121.65; (R1) 121.75; More….

EUR/JPY’s consolidation pattern from 120.78 could have completed with three waves to 123.35 already. Decisive break of 120.78 low will resume larger fall from 127.50 to 118.62 low next. On the upside, in case of another rise, upside should be limited below 123.73 to bring down trend resumption.

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.

Daily Pivots: (S1) 128.58; (P) 128.82; (R1) 129.18; More….

Outlook in EUR/JPY remains unchanged and intraday bias stays neutral first. As long as 130.14 resistance holds, deeper decline is in favor in the cross. Below 127.49 will target 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.

Daily Pivots: (S1) 125.58; (P) 126.29; (R1) 126.76; More….

EUR/JPY’s decline resumes after brief consolidation and reaches as low as 124.89 so far. Intraday bias is back on the downside for 124.61 low. Decisive break there will resume whole down trend from 137.49 and put 124.80 key support level in focus. Decisive break there will carry larger bearish implications. On the upside, break of 126.98 will indicate short term bottoming and turn bias back to upside for stronger rebound.

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.

EUR/JPY’s up trend resumed last week and hit as high as 148.38. But subsequent retreats indicates that it’s turned into another consolidation phase. Initial bias is turned neutral this week first. Downside should be contained by 140.88/144.06 support zone to bring another rally. Break of 148.38 will resume larger up trend to 100% projection of 133.38 to 145.62 from 137.32 at 149.56, which is close to 149.76 long term resistance.

In the bigger picture, the up trend from 114.42 (2020 low) is still in progress for 149.76 (2014 high). Decisive break there will pave the way to 161.8% projection of 114.42 to 134.11 from 124.37 at 156.22. This will now remain the favored case as long as 137.32 support holds.

In the long term picture, there is sign of upside acceleration with strong break of long term channel resistance. Outlook will stay bullish as long as 134.11 resistance turned support holds. Sustained break of 149.76 (2014 high) will open up further rally, as resumption of the rise from 94.11 (2012 low), towards 169.96 (2008 high).

Daily Pivots: (S1) 123.47; (P) 123.71; (R1) 124.12; More…

Intraday bias in EUR/JPY remains neutral for the moment as it’s limited below 124.53. On the upside, break of 124.53 will extend rise from 114.84 and 109.03 to target 126.09 key resistance next. Break there will pave the way to 100% projection of 109.03 to 124.08 from 114.84 at 129.89. Nonetheless, considering bearish divergence condition in 4 hour MACD, a short term top could be in place. Break of 122.92 minor support will bring deeper pull back towards 38.2% retracement of 114.84 to 124.53 at 120.82.

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) 129.90; (P) 130.45; (R1) 130.87; More….

EUR/JPY’s rally resumed after brief retreat and intraday bias is back on the upside. As noted before, whole consolidation from 134.11 could have completed with three waves down to 127.36, ahead of 126.58 medium term fibonacci level. Rise from 127.36 should target a test on 133.44/134.11 resistance zone. On the downside, break of 130.01 minor support will turn bias neutral for consolidations 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.

Daily Pivots: (S1) 167.99; (P) 168.70; (R1) 169.30; More…

Intraday bias in EUR/JPY is turned neutral with current retreat. On the downside, break of 166.73 support will argue that corrective pattern from 171.58 has started the third leg. Deeper fall would then be seen back to 164.01 support and below. For now, risk will stay on the downside as long as 169.38 resistance holds, in case of recovery.

In the bigger picture, a medium top could be formed at 171.58 after brief breach of 169.96 (2008 high). As long as 55 W EMA (now at 157.89) holds, fall from there is seen as correcting the rise from 153.15 only. However, sustained break of 55 W EMA will argue that larger scale correction is underway and target 153.15 support.

Daily Pivots: (S1) 120.11; (P) 120.49; (R1) 120.77; More….

Intraday bias in EUR/JPY remains neutral as consolidation from 121.46 is extending. Deeper fall cannot be ruled out. 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 125.38). Reactions from there would decide whether the medium term trend has reversed. For now, further rise is expected as long as 117.07 support holds.

Daily Pivots: (S1) 121.37; (P) 121.58; (R1) 121.88; More….

EUR/JPY recovers further today but stays below 122.65 resistance. Intraday bias remains neutral first. Consolidation might extend but downside should be contained above 119.99 support to bring another rally. On the upside, break of 122.65 will target 123.35 resistance first. Break will target key channel resistance (now at 124.33).

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 (now at 124.72) to limit upside. However, sustained break of the channel resistance will carry larger bullish implication and target 127.50 key resistance next.

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) 124.55; (P) 124.75; (R1) 125.06; More….

Intraday bias in EUR/JPY remains neutral and further decline is expected. Break of 123.65 will resume the fall from 127.50 for 61.8% retracement of 118.62 to 127.50 at 122.01. However, break of 125.01 will turn bias back to the upside for 126.78/127.50 resistance zone.

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 127.73). 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) 160.32; (P) 160.81; (R1) 161.71; More…

Intraday bias in EUR/JPY remains on the upside at this point. Current rise from 153.15 is in progress for 161.8% projection of 153.15 to 158.55 from 155.06 at 163.79, which is close to 164.29 high. On the downside, below 160.03 minor support will turn intraday bias neutral first. But further rally is expected as long as 158.55 resistance turned support holds.

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.

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.

Daily Pivots: (S1) 129.20; (P) 129.36; (R1) 129.48; More….

Intraday bias in EUR/JPY remains neutral for the moment. As long as 129.97 resistance holds, further decline remains mildly in favor. Firm break of 127.91 support will extend the whole corrective pattern from 134.11, to 126.58 medium term fibonacci level next. On the upside, however, break of 129.97 resistance will indicate short term bottoming, and turn bias back to the upside for rebound back towards 133.44 high.

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.

Daily Pivots: (S1) 173.97; (P) 174.21; (R1) 174.61; More…

Intraday bias in EUR/JPY is turned neutral first with current retreat, and some consolidations would be seen below 174.50. Further rally is expected as long as 170.87 resistance turned support holds, in case of deeper retreat. Firm break of 174.50 will target 138.2% projection of 164.01 to 170.87 from 167.52 at 177.00.

In the bigger picture, long term up trend is still in progress. Next target is 100% projection of 139.05 to 164.29 from 153.15 at 178.38. For now outlook will stay bullish as long as 167.52 support holds, even in case of deep pullback.

Daily Pivots: (S1) 117.68; (P) 117.99; (R1) 118.25; More….

Intraday bias in EUR/JPY remains neutral as consolidation from 117.51 is extending. 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 120.31).

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.