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) 0.8774; (P) 0.8877; (R1) 0.8934; More…

EUR/GBP’s pull back from 0.9267 extends lower but stays above 0.8720 resistance turned support. Intraday bias remains neutral first. On the upside, above 0.9065 will turn bias back to the upside for 0.9267. Firm break there will resume larger rally to 0.9499 long term resistance. However, break of 0.8270 support will mix up the near term outlook.

In the bigger picture, rise from 0.8201 is in progress targeting 0.9499 (2020 high) next. Based on current momentum, such rally should be resuming the up trend from 0.6935 (2015 low). Firm break of 0.9499 will target 61.8% projection of 0.6935 to 0.9499 from 0.8201 at 0.9786, which is close to 0.9799 (2008 high). This will now remain the favored case as long as 0.8720 resistance turned support holds.

Daily Pivots: (S1) 142.41; (P) 143.43; (R1) 144.18; More….

EUR/JPY’s break of 143.12 support argues that rise from 138.81 has completed at 145.66. Intraday bias is back on the downside. Sustained trading below 55 day EMA (now at 142.80) will target 138.81 support. On the upside, break of 145.66 will resume recent rebound from 137.37 instead.

In the bigger picture, as long as 55 week EMA (now at 139.78) holds, larger up trend from 114.42 (2020 low) is still in progress for 149.76 long term resistance. However, sustained break of 55 week EMA will bring deeper fall to 38.2% retracement of 114.42 to 148.38 at 135.40. Decisive break there will raise the chance of trend reversal, and target 61.8% retracement at 127.39.

EUR/JPY recovered to 126.78 last week but dropped sharply since then. Break of 124.27 support firstly indicates resumption of fall from 127.50. Secondly it argues that rebound from 118.62 might be completed. Initial bias is now on the downside this week for 61.8% retracement of 118.62 to 127.50 at 122.01. On the upside, above 125.08 minor resistance will turn intraday bias neutral first.

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 127.86). 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.

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 will extend this falling leg through 109.03 low. On the upside, break of 133.12 resistance bring retest of 149.76 (2014 high).

Daily Pivots: (S1) 129.44; (P) 129.81; (R1) 130.47; More….

Intraday bias in EUR/JPY remains neutral first and more consolidative trading could be seen. But further decline is expected as long as 131.07 resistance holds. Break of 128.58 will resume the fall from 134.11. Such decline is seen as correcting whole up trend from 114.42. Deeper fall would be seen to 127.07 resistance turned support next.

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, and open up the case for retesting 114.42.

Daily Pivots: (S1) 161.72; (P) 162.35; (R1) 162.78; More….

Intraday bias in EUR/JPY remains on the downside at this point. Corrective fall from 164.29 is in progress and deeper decline should be seen to 100% projection of 164.29 tot 161.22 from 163.77 at 160.63 and possibly below. 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) 140.52; (P) 141.66; (R1) 142.51; More….

The break of 139.99 resistance turned support suggests that deeper correction is underway. Intraday bias is now on the downside for 55 day EMA (now at 136.85). Break there will bring further decline to 132.63 support. On the upside, above 141.77 minor resistance will turn bias back to the upside for 144.23 again.

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). Sustained trading above 100% projection of 114.42 to 134.11 from 124.37 at 144.06 will indicate upside acceleration and target 149.76 long term resistance (2014 high). In any case, outlook will now remain bullish as long as 132.63 support holds, in case of deep pull back.

EUR/JPY’s strong rebound from 124.37 accelerated further last week. The development argues that whole corrective pattern from 134.11 has completed already. Initial bias stays on the upside for retesting 133.13/134.11 resistance zone first. Decisive break there will resume larger up trend. However, break of 130.01 minor support will mix up the near term outlook and turn intraday bias neutral first.

In the bigger picture, medium term outlook remains neutral for now. Price actions from 134.11 are so far still seen as a corrective pattern. That is, rise from 114.42 (2020 low) is in favor to resume at a later stage. But before that, the corrective pattern from 134.11 could still extend further, sideway or downward. In the latter case, break of 124.37 will target 61.8% retracement of 114.42 to 134.11 at 121.94.

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) 120.15; (P) 120.38; (R1) 120.69; More….

Intraday bias in EUR/JPY remains neutral at this point. Outlook is unchanged that with 119.11 support intact, rise from 115.86 is in favor to continue. On the upside, above 120.68 will turn bias to the upside for 121.46 resistance first. However, firm break of 119.11 will argue that the rebound from 115.86 has completed. Intraday bias will be turned back to the downside for 117.07 support for confirmation.

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 125.23) 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.

EUR/JPY edged higher to 123.18 last week but dropped sharply since then. The development suggests that corrective recovery from 120.78 has completed. Initial bias remains on the downside this week for 120.78 low first. Break will resume larger fall from 127.50 and target 118.62 low next. On the upside, above 122.17 minor resistance delay the bearish case, turn intraday bias neutral and bring more consolidations first.

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.

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 will extend this falling leg through 109.48 (2016 low). With EUR/JPY staying below 55 month EMA, this is now the preferred case.

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) 132.03; (P) 132.56; (R1) 132.91; More….

EUR/JPY’s consolidation from 133.12 extends with another sharp decline today. While deeper pull back could be seen, as long as 130.86 resistance turned support holds, further rally is expected. 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.

Daily Pivots: (S1) 129.39; (P) 129.72; (R1) 130.18; More….

EUR/JPY’s consolidation from 130.65 could still extend and intraday bias remains neutral first. 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).

EUR/JPY edged higher to 127.48 last week but retreated since then. Initial bias is turned neutral this week first. Outlook will stay bullish as long as 126.03 support holds. Break of 127.48 will resume larger rise from 114.42. Next target is 128.67 medium term fibonacci level. However, firm break of 126.03 will suggest short term topping. Intraday bias will be turned back to the downside for deeper pull back.

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.

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) 121.80; (P) 122.26; (R1) 122.51; More….

EUR/JPY drops to as low as 121.79 today. Break of 122.08 support indicates resumption of whole fall from 127.50. Intraday bias is back on the downside. Current fall should target a test on 118.62 low next. On the upside, break of 123.73 resistance is needed to signal short term bottoming. Otherwise, outlook will remain bearish in case of recovery.

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) 156.12; (P) 156.64; (R1) 157.43; More….

Intraday bias in EUR/JPY remains on the downside as correction from 157.99 is extending to 154.03 support or below. But overall outlook will stay bullish as long as 151.60 resistance turned support holds. Larger rally is still expected to resume through 157.99 after the correction completes.

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 138.81 at 162.82. For now, medium term outlook will remain bullish as long as 151.60 resistance turned support holds, even in case of deep pull back.

Daily Pivots: (S1) 145.81; (P) 147.22; (R1) 148.14; More….

Intraday bias in EUR/JPY is turned neutral first as it retreated after failing to sustain above 148.38 resistance. On the upside, decisive break of 148.38 will resume larger up trend, and next target will be 149.76 long term resistance. However, sustained trading below 146.39 will indicate rejection by 148.38, and bring deeper fall to extend the corrective pattern from there.

In the bigger picture, as long as 55 W EMA (now at 140.70) holds, larger up trend from 114.42 (2020 low) is still in progress for 149.76 long term resistance (2014 high). Decisive break there will resume long term up trend from 94.11 (2012 low). Next target is 61.8% projection of 124.37 to 148.38 from 138.81 at 153.64.

Daily Pivots: (S1) 131.15; (P) 131.77; (R1) 132.25; More….

Downside momentum in EUR/JPY is still a bit unconvincing. Nonetheless, near term outlook remains bearish as long as 133.05 resistance holds. Sustained trading below 132.04 cluster support (23.6% retracement of 114.84 to 137.49 at 132.14) will indicate larger trend reversal on bearish divergence condition in daily MACD. In such case, deeper decline would be seen for 38.2% retracement at 128.38 first. However, rebound from 132.04 will retain near term bullishness. Break of 133.05 minor resistance will turn bias back to the upside for 137.49 again.

In the bigger picture, bearish divergence condition in weekly MACD indicates loss of medium term upside momentum. Sustained break of 132.04 will be the early sign of long term reversal and should bring deeper fall back to retest 124.08 key support level. Meanwhile, break of 137.49 will resume the up trend from 109.03 to 141.04/149.76 resistance zone.

Daily Pivots: (S1) 155.24; (P) 156.10; (R1) 156.55; More…

Range trading continues in EUR/JPY and intraday bias stays neutral. On the upside, above 158.55 will resume the corrective rebound from 153.15. On the downside, break of 153.15 will resume whole fall from 164.39 to 61.8% retracement of 139.05 to 164.29 at 148.69.

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.

Daily Pivots: (S1) 128.18; (P) 128.52; (R1) 128.75; More….

Intraday bias in EUR/JPY is turned neutral with 4 hour MACD crossed above signal line. Correction from 130.65 short term top could still extend lower. But downside should be contained above 127.48 resistance turned support to bring rebound. On the upside, above 129.12 support turned resistance will turn intraday bias back to the upside for retesting 130.65.

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).