Daily Pivots: (S1) 127.93; (P) 128.84; (R1) 129.36; More….

EUR/JPY’s fall from 133.12 resumed by taking out 129.11 temporary low. Intraday bias is back on the downside for 127.85 support first. Decisive break there will confirm completion of rebound from 124.89 at 133.12. In that case, deeper decline would be seen back to 124.61.89 support zone. On the upside, break of 130.29 resistance is needed to indicate completion of the fall. Otherwise, near term outlook will stay mildly bearish in case of recovery.

In the bigger picture, current development suggests that EUR/JPY could have 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 structural resistance will target 141.04/149.76 resistance zone next. This will be the preferred case as long as 127.85 near term support holds. However, break of 127.85 will turn focus back to 124.08 key support level.

Daily Pivots: (S1) 129.51; (P) 130.04; (R1) 130.84; More…

EUR/JPY is still bounded in range below 130.76 and intraday bias remains neutral. More consolidations could be seen. But downside should be contained by 127.43 cluster support (38.2% retracement of 122.39 to 130.76 at 127.56) and bring rebound. Above 130.76 will extend the larger rally to next key fibonacci level at 134.20.

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 124.08 resistance turned support holds.

Daily Pivots: (S1) 121.64; (P) 121.81; (R1) 122.09; More….

Intraday bias in EUR/JPY stays neutral at this point and outlook is unchanged. We’re favoring the case that consolidation from 120.78 has completed with three waves to 123.35. Below 121.31 will target retest of 120.78 first. Break will resume fall from 127.50 to 118.62 low. In case of another rise as consolidation from 120.78 extends, upside should be limited by 123.73 resistance to bring fall resumption eventually.

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) 157.63; (P) 157.95; (R1) 158.25; More….

Intraday bias in EUR/JPY remains 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) 165.67; (P) 165.95; (R1) 166.50; More…

EUR/JPY’s up trend continues to as high as 166.78 so far. Intraday bias stays on the upside for 168.72 projection level next. On the downside, below 165.41 minor support will turn intraday bias neutral and bring consolidations first, before staging another decline.

In the bigger picture, current rally is part of the up trend from 114.42 (2020 low), which is still in progress. Next target is 61.8% projection of 139.05 to 164.29 from 153.15 at 168.72, or even further to 169.96 (2008 high). Break of 162.26 support is needed to be the first sign of medium term topping. Otherwise, outlook will stay bullish in case of retreat.

Daily Pivots: (S1) 145.02; (P) 145.37; (R1) 145.83; More….

As EUR/JPY’s recovery from 142.54 extends, focus is back on 147.09 minor resistance. As noted before, correction from 148.38 might have completed at 142.54. Break of 147.09 resistance will indicate that larger up trend is ready to resume through 148.38 high. However, break of 144.32 minor support will dampen this case and bring retest of 142.54 support instead.

In the bigger picture, there is no clear sign of medium term topping yet. Up trend from 114.42 (2020 low) could still resume through 148.38 to 149.76 (2014 high). However, break of 137.32 support argue that a medium term correction has already started to correct the whole up trend from 114.42.

Daily Pivots: (S1) 121.79; (P) 122.03; (R1) 122.25;  More….

EUR/JPY’s decline resumed after brief consolidation and intraday bias is back on the downside. Current fall from 127.50 should target a test on 118.62 low next. On the upside, above 122.26 minor resistance will turn intraday bias neutral first. But recovery should be limited below 123.73 resistance to bring fall resumption.

In the bigger picture, current development argues that rebound from 118.62 is merely a correction and has completed at 127.50. EUR/JPY is staying in long term falling channel from 137.49 (2018 high). Decisive break of 118.62 will confirm resumption of this medium term fall and target 109.20 low. For now, this will be the favored case as long as 125.23 resistance holds.

Daily Pivots: (S1) 121.06; (P) 121.37; (R1) 121.64; More….

Intraday bias in EUR/JPY remains on the downside for 120.78 support. Break will resume fall from 127.50 to 118.62 low. In case of another rise as consolidation from 120.78 extends, upside should be limited by 123.73 resistance to bring fall resumption eventually.

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.

EUR/JPY’s decline last week suggests that rebound from 127.36 has completed at 131.59. More importantly, the consolidation pattern from1 34.11 is extend with another falling leg. Initial bias stays on the downside for 127.36 and possibly further to 126.58 fibonacci level. On the upside, above 130.07 minor resistance will turn intraday bias neutral first. But risk will stay on the downside for now as long as 131.59 resistance holds.

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 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) 122.22; (P) 122.47; (R1) 122.87; More….

EUR/JPY’s corrective recovery from 120.78 might extend higher. But upside should be limited below 123.73 resistance to bring fall resumption. On the downside, below 122.10 minor support will turn bias to the downside for retesting 120.78 first. Break of 120.78 will resume the fall from 127.50 and target 118.62 low next. However, sustained break of 123.73 will indicate short term reversal and turn outlook bullish for 127.50 resistance again.

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) 132.74; (P) 133.30; (R1) 133.65; More….

EUR/JPY ist still bounded in n range of 131.65/134.48 and intraday bias remains neutral at this point. On the upside, decisive break of 134.39/48 resistance zone will confirm medium term up trend resumption. In that case, 141.04 resistance will be the next time. On the downside, though, decisive break of 131.65 will confirm rejection from 134.20 fibonacci level and confirm near term reversal. And, in such case, intraday bias will be turned to the downside for 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 back to 114.84/124.08 support zone at least.

Daily Pivots: (S1) 129.92; (P) 130.53; (R1) 130.87; More….

Intraday bias in EUR/JPY remains neutral for consolidation below 131.30 temporary top. Further rise is expected as long as 129.43 minors support holds. On the upside, break of 131.10 will resume the rebound from 124.89 to 131.97 resistance and then key fibonacci resistance at 132.56.

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) 123.68; (P) 124.00; (R1) 124.51; More…

No change in EUR/JPY’s outlook despite diminishing upside moment as seen in 4 hour MACD. Further rally is expected with 122.92 minor support intact. Firm break of 124.08 resistance will confirm resumption of whole rise from 109.20. In that case, EUR/JPY would target 126.09 resistance first. Break there will pave the way to 100% projection of 109.03 to 124.08 from 114.84 at 129.89. On the downside, below 122.92 minor support will turn bias to the downside and bring pull back.

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) 128.26; (P) 128.55; (R1) 128.76; More….

Intraday bias in EUR/JPY remains neutral and outlook is unchanged. Corrective pattern from 134.11 is extending with another falling leg. Further decline is expected as long as 129.76 resistance holds. Below 128.23 will target 127.36, and possibly further to 126.58 fibonacci level. On the upside, above 129.76 minor resistance will turn bias back to the upside to 131.59 resistance instead.

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) 134.89; (P) 135.53; (R1) 136.26; More….

Intraday bias in EUR/JPY is turned neutral with current recovery. In case of another fall, downside should be contained by 38.2% retracement of 124.37 to 139.99 at 134.02 to bring rebound. On the upside, above 137.52 minor resistance will bring retest of 139.99 resistance first. However, firm break of 134.02 will bring deeper decline to 61.8% retracement at 130.33.

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) 168.65; (P) 169.00; (R1) 169.61; More…

Intraday bias in EUR/JPY stays on the upside at this point. Rebound from 164.01 is seen as the second leg of the corrective pattern from 171.58. Further rise should be seen to 171.58 high, but upside should be limited there. On the downside, below 167.49 minor support will turn intraday bias neutral first.

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) 117.94; (P) 118.44; (R1) 119.19; More…

EUR/JPY formed a temporary low at 117..67 with current recovery and intraday bias is turned neutral for consolidation. Upside of recovery should be limited by 120.05 support turned resistance fall resumption. On the downside, break of 117.67 will resume recent down trend to 114.84 support next.

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 be the confirm medium term reversal. Otherwise, outlook will remain bearish in case of strong rebound.

Daily Pivots: (S1) 131.64; (P) 131.95; (R1) 132.38; More….

Intraday bias in EUR/JPY remains neutral with focus on 131.65 key support. As noted before, sustained break of 131.65 will confirm rejection from 134.20 fibonacci level and confirm near term reversal. And, in such case, intraday bias will be turned to the downside for 127.55 key support level. Meanwhile, in case of another rise, decisive break of 134.39/48 resistance zone is needed to confirm up trend resumption. Otherwise, even in case of rebound, near term outlook is neutral at best.

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) 128.27; (P) 128.54; (R1) 129.09; More….

EUR/JPY’s rebound from 127.36 resumed by taking out 129.09 minor resistance. The development also raises the chance that fall from 133.44, as well as corrective pattern from 134.11 have completed. Intraday bias is back on the upside. Sustained trading above 55 day EMA (now at 129.51) will affirm this bullish case and target 133.44/134.11 resistance zone. On the downside, break of 127.99 minor support will resume fall from 133.44 through 127.36 to 126.58 medium term fibonacci level.

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) 130.23; (P) 130.94; (R1) 131.63; More….

Intraday bias in EUR/JPY remains on the downside as fall from 133.47 should target 128.94 low. Break there will resume whole fall from 137.49 and target 126.61 fibonacci level next. On the upside, above 131.66 minor resistance will turn intraday bias neutral first. But recovery should be limited well below 133.47 resistance to bring another fall.

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.