EUR/JPY’s rebound from 115.86 resumed last week and reached as high as 121.35. Initial bias stays on the upside this week with focus on 100% projection of 115.86 to 120.01 from 117.07 at 121.16. Sustained break there will pave the way to 161.8% projection at 123.78. On the downside, below 120.33 minor support will turn intraday bias neutral and bring consolidations, before staging another rally.

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 126.00). Reactions from there would decide whether the medium term has reversed. For now, further rise is expected as long as 117.07 support holds.

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, this is the preferred case.

Daily Pivots: (S1) 131.63; (P) 132.09; (R1) 132.47; More….

Intraday bias in EUR/JPY remains neutral corrective pattern from 134.48 is still unfolding. As long as 134.48 key resistance holds, risk remains on the downside for deeper pull back. Break of 131.16 will target 38.2% retracement of 114.84 to 134.48 at 126.97, which is close to 127.55 support. We’ll look for support from there to bring rebound on first attempt.

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 back to 114.84/124.08 support zone at least.

Daily Pivots: (S1) 124.64; (P) 125.14; (R1) 125.86; More….

With 124.44 support intact, intraday bias in EUR/JPY 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 55 day EMA (now at 124.01) and further to 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.

Daily Pivots: (S1) 133.47; (P) 134.04; (R1) 135.14; More….

Intraday bias sin EUR/JPY remains on the upside for the moment. Sustained trading above 134.11 high will confirm resumption of larger up trend next target will be 136.53 medium term projection level. On the downside, though, break of 132.31 minor support will delay the bullish case and turn bias neutral first.

In the bigger picture, current development suggests that corrective pattern from 134.11 has completed at 124.37 already. Firm break of 134.11 will resume the up trend from 114.42 (2020 low). Next target is 61.8% projection of 114.42 to 134.11 from 124.37 at 136.53, and then 137.49 (2018 high). This will now remain the favored case as long as 124.37 support holds.

Daily Pivots: (S1) 132.03; (P) 132.37; (R1) 132.69; More….

Intraday bias in EUR/JPY stays neutral first with focus on 132.63 resistance. Firm break there would indicate that corrective fall from 134.11 has completed and bring retest of this high. On the downside, break of 131.21 minor support will extend the correction with another fall through 130.02 low. But we’d expect strong support from 38.2% retracement of 121.63 to 134.11 at 129.34 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. 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) 130.28; (P) 130.44; (R1) 130.71; More….

EUR/JPY’s break of 130.54 resistance argues that correction from 134.11 has already completed at 127.91. Intraday bias stays on the upside for 132.68 resistance first. Break there will bring retest of 134.11 high. On the downside, below 130.11 minor support will turn bias neutral and bring retreat first.

In the bigger picture, rise from 114.42 is seen as a medium term rising leg inside a long term sideway pattern. As long as 127.07 resistance turned support holds, further rise is still expected to retest 137.49 (2018 high). However, firm break of 127.07 will argue that the medium term trend has reversed, deeper fall would be seen to 61.8% retracement of 114.42 to 134.11 at 121.94.

Daily Pivots: (S1) 148.01; (P) 149.22; (R1) 151.30; More….

Intraday bias in EUR/JPY remains on the upside for the moment. Current up trend should now target 153.64 projection level. On the downside, below 148.61 minor support will turn intraday bias neutral and bring consolidations first, before staging another rally.

In the bigger picture, current development indicates that 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 138.81 support holds, even in case of deep pull back.

EUR/JPY edged lower to 117.51 last week but turned into consolidation since then. Initial bias remains neutral this week first. Outlook stays bearish with 119.87 resistance intact. 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 120.87).

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.

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) 121.76; (P) 122.21; (R1) 122.76; More…

Intraday bias in EUR/JPY stays neutral as consolidation from 124.08 extends. Rebound from 109.20 is not finished yet. Break of 124.08 will extend such rise and target 126.09 key resistance next. Meanwhile, below 120.54 will target 118.45 cluster support (38.2% retracement of 109.20 to 124.08 at 118.39). We’d expect strong support from there to contain downside.

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. There is prospect of another rise towards 126.09 key resistance level before completion. But even in that case, we’d expect strong resistance between 126.09 and 141.04 to limit upside, at least on first attempt. Sustained trading below 55 day EMA will pave the way to retest 109.20.

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EUR/JPY’s corrective decline from 134.11 resumed to as low as 129.60 last week but rebounded strongly since then. Initial bias is neutral this week first. In case of another fall, 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 131.02 resistance will indicate short term bottoming, on bullish convergence condition in 4 hour MACD. Strong rise should be seen to 132.68 resistance and above.

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.

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

EUR/JPY rose to 131.59 last week but retreated since then. Initial bias stays neutral this week for some consolidations. But further rally is expected as long as 130.01 support holds. Whole consolidation from 134.11 could have completed with three waves down to 127.36, ahead of 126.58 medium term fibonacci level. Break of 131.59 will target a test on 133.44/134.11 resistance zone. On the downside, break of 130.01 minor support will turn bias bias to the downside for retesting 127.36 low instead.

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.

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) 124.62; (P) 125.18; (R1) 126.00; More….

Intraday bias in EUR/JPY remains on the upside for 55 days EMA (now at 126.14). We’d be cautious on strong resistance from there to limit upside. And, break of 124.36 support will argue that the rebound has completed and turn bias to the downside. Nevertheless, sustained trading above 55 day EMA will pave the way back to 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 137.39 is possibly just the second leg of the corrective pattern from 109.03. Break of 133.12 resistance should start the third leg to 137.49 and above. Nevertheless, break of 118.62 will resume the decline from 137.49 for 109.03/114.84 support zone instead.

Daily Pivots: (S1) 120.70; (P) 120.91; (R1) 121.04; More….

EUR/JPY is staying in consolidation from 121.46 and intraday bias remains neutral first. In case of deeper retreat, 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.

Daily Pivots: (S1) 124.88; (P) 125.18; (R1) 125.47; More….

Upside momentum in EUR/JPY is rather unconvincing as seen in 4 hour MACD. But further rise is still expected with 123.78 support intact. Rebound from 118.62 is in progress for 55 day EMA (now at 126.20). Though, break of 123.78 will indicate completion of the rebound and turn bias back to the downside.

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 possibly just the second leg of the corrective pattern from 109.03. Break of 133.12 resistance should start the third leg to 137.49 and above. Nevertheless, break of 118.62 will resume the decline from 137.49 for 109.03/114.84 support zone instead.

Daily Pivots: (S1) 129.87; (P) 130.23; (R1) 130.63; More…

EUR/JPY’s rally resumes by taking out 130.76 and reaches as high as 131.17 so far. Intraday bias is back on the upside. Current rise should now target next long term fibonacci level at 134.20. On the downside, break of 129.83 support is needed to indicate short term topping. Otherwise, outlook will remain bullish in case of retreat.

In the bigger picture, the down trend from 149.76 (2014 high) is completed at 109.03 (2016 low). Current rally from 109.03 should be at the same degree as the fall from 149.76 to 109.03. Further rise is expected to 61.8% retracement of 149.76 to 109.03 at 134.20. Sustained break there will pave the way to key long term resistance zone at 141.04/149.76. Medium term outlook will remain bullish as long as 125.80 resistance turned support holds.

Daily Pivots: (S1) 128.26; (P) 128.60; (R1) 128.98; More….

EUR/JPY is staying in consolidation from 129.96 and intraday bias remains neutral first. Further rally is expected as long as 127.48 resistance turned support holds. On the upside, above 129.96 will resume the up trend from 121.63 to 121.63 to 127.48 from 125.07 at 130.92 next. However, firm break of 127.48 will turn bias to the downside, for deeper decline to 125.07 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 125.07 support holds. Sustained trading above 61.8% retracement of 137.49 (2018 high) to 114.42 at 128.67 will pave the way to 137.49 resistance next.

Daily Pivots: (S1) 120.58; (P) 120.74; (R1) 120.91; More….

EUR/JPY is staying in range below 121.01 and intraday bias remains neutral first. On the upside, above 121.01 will bring retest of 121.46 resistance. On the downside, below 120.10 will target 119.24 support. Overall, as long as 119.11 support holds, outlook remains bullish. Larger rise from 115.86 is still in favor to resume through 121.46 at a later stage.

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.

Daily Pivots: (S1) 115.57; (P) 115.82; (R1) 116.20; More….

EUR/JPY edged lower to 115.44 but quickly recovered. Downside momentum is also unconvincing as seen in 4 hour MACD. Intraday bias remains neutral first. Further fall is expected as long as 117.21 resistance holds. Break of 115.44 will target 100% projection of 121.14 to 116.33 from 119.00 at 114.19.

In the bigger picture, down trend from 137.49 (2018 high) is possibly resuming. Medium term bearishness is maintained with the cross staying well inside falling channel established since 137.49 (2018 high), as well as below falling 55 week EMA. Next downside target will be 109.48 (2016 low). In any case, outlook will remain bearish as long as 122.87 resistance holds, in case of rebound.

EUR/JPY edged higher to 130.65 last week but retreated since then. Breach of 129.47 support indicates short term topping, on bearish divergence condition in 4 hour MACD. Initial bias is mildly on the downside this week for pull back. But downside should be contained above 127.48 resistance turned support to bring rise resumption. But for now, risk will stay mildly on the downside as long as 130.65 holds, in case of recovery.

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).

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

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.