EUR/JPY edged higher to 131.97 last week but retreated since then. Initial bias is neutral this week for some consolidations first. But as long as 129.90 minor support holds, near term outlook stays bullish for another rally. On the upside, above 131.97 will target 100% projection of 124.61 to 130.33 from 127.13 at 132.85 next. However, considering bearish divergent condition in 4 hour MACD, break of 129.90 will indicate short term reversal, and turn bias back to the downside for 127.13 support.

In the bigger picture, the strong break of channel resistance from 137.49 suggests that the decline from there has completed. The three wave structure suggests that it’s a correction. With 124.08 key resistance turned support intact, medium term bullishness is also retained. Break of 133.47 will affirm this bullish case and target 137.49 and above. This will now be the favored case as long as 127.13 support holds.

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) 135.00; (P) 135.84; (R1) 136.78; More….

Intraday bias in EUR/JPY remains neutral as consolidation from 137.50 is extending. Overall, further rally is expected with 133.70 minor support intact. On the upside, sustained break of 137.49 resistance will resume larger up trend for 144.06 projection level next. However, firm break of 133.70 will indicate short term topping, and turn bias back to the downside for deeper pull back.

In the bigger picture, up trend from 114.42 (2020 low) is in progress. Sustained break of 137.49 (2018 high) will resume larger 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) 128.92; (P) 129.36; (R1) 129.80; More….

EUR/JPY’s break of 129.97 minor resistance confirms that pull back from 130.86 has completed at 127.85 already. Intraday bias turned back to the upside for 130.86. Break will resume the rise from 124.89 and target key fibonacci resistance at 132.56. On the downside, below 129.43 minor support will dampen this bullish case and turn intraday bias neutral first.

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) 126.00; (P) 126.31; (R1) 126.70; More….

EUR/JPY is staying in consolidation below 127.01 and intraday bias remains neutral first. On the upside, firm break of 127.07 will resume whole rebound from 114.42. Next target is 128.67 medium term fibonacci level. On the downside, though, break of 125.70 support will turn bias to the downside, to extend the consolidation pattern from1 27.07 with another falling leg.

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 119.31 support holds. 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 119.31 will argue that the rise from 114.42 has completed and turn focus back to this low.

Daily Pivots: (S1) 144.35; (P) 144.90; (R1) 145.23; More….

Intraday bias in EUR/JPY remains neutral as consolidation from 145.55 is extending. Further rally is expected as long as 142.13 support holds. Corrective fall from 148.38 has completed at 137.37 already. Break of 145.55 will resume the rise from 137.37 to 146.71 resistance and then 148.38 high.

In the bigger picture, as long as 55 week EMA (now at 139.42) holds, larger up trend from 114.42 (2020 low) is still in progress for 149.76 long term resistance. However, firm break of 55 week EMA will bring deeper fall to 38.2% retracement of 114.42 to 148.38 at 135.40. Sustained break there will raise the chance of trend reversal, and target 61.8% retracement at 127.39.

Daily Pivots: (S1) 124.95; (P) 125.24; (R1) 125.73; More….

Despite strong rebound, EUR/JPY is staying below 125.95 and intraday bias remains neutral first. ON the downside, break of 123.78 support will suggests completion of rebound from 118.62 after rejection by 55 day EMA. Deeper fall would then be seen back to retest 118.62 low. However, decisive break of 125.95 will dampen our bearish view and target 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 137.49 is likely still in progress. Decisive break of 118.62 will target 161.8% projection of 137.49 to 124.61 from 133.12 at 112.28, which is inside 109.03/114.84 support zone.

Daily Pivots: (S1) 125.17; (P) 125.45; (R1) 125.95; More….

EUR/JPY surges to as high as 126.23 so far today as rise from 123.65 resumed. The development revived that case that corrective fall from 127.50 has completed at 123.65 already. Intraday bias is back on the upside for 126.78/127.50 resistance zone. Decisive break there will resume whole rise from 118.62 spike low. On the downside, below 125.61 minor support will turn intraday bias neutral first. But further rally will remain in favor as long as 124.78 support holds.

In the bigger picture, EUR/JPY is staying well inside medium term falling channel from 137.49 (2018 high). It’s also held below 55 week EMA (now at 127.53). Thus, down trend from 137.49 might still extend lower. Break of 118.62 will target 109.03/114.84 long term support zone. On the upside, however, break of 127.50 will solidify the case of medium term bullish reversal. Rise from 118.76 should extend to 133.12 key resistance instead.

Daily Pivots: (S1) 156.86; (P) 157.50; (R1) 157.96; More….

Intraday bias in EUR/JPY stays 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) 157.73; (P) 158.18; (R1) 158.89; More….

Intraday bias in EUR/JPY remains neutral at this point. Outlook is also unchanged that correction from 159.75 should have completed at 154.32. Above 158.60 will resume the rise from 154.32 and target 159.75 high. However, break of 156.50 will dampen this view, and bring another fall to extend the corrective pattern from 159.75.

In the bigger picture, price actions from 159.75 are views as a corrective pattern. As long as 151.39 support holds, rise from 114.42 (2020 low) is expected to continue through 159.75 at a later stage. Nevertheless, firm break of 151.39 will confirm medium term topping, and bring lengthier and deeper correction.

EUR/JPY’s rally resumed last week and surged to as high as 128.82. A temporary top is formed there and initial bias is neutral this week for consolidation. Downside of retreat should be contained by 126.47 support to bring rise resumption. Above 128.82 will target 61.8% projection of 114.84 to 125.80 from 122.39 at 129.16 first . That’s also close to medium term projection level at 129.89.

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 should target 100% projection of 109.03 to 124.08 from 114.84 at 129.89 first. 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.

In the long term picture, the down trend from 149.76 should have completed at 109.03 already. At this point, there is 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.

Daily Pivots: (S1) 146.24; (P) 146.68; (R1) 147.03; More….

EUR/JPY is staying in consolidation from 148.38 and intraday bias remains neutral for the moment. In case of another fall, downside should be contained by 55 day EMA (now at 143.62) to bring rise resumption. On the upside, break of 148.38 will resume larger up trend to 149.76 long term resistance next.

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.

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 surges to as high as 136.63 last week last week as medium term up trend resumes. As a temporary top is likely formed, initial bias is neutral this week first. But downside of retreat should be contained by 134.39 resistance turned support to bring another ally. Above 136.63 will extend the up trend towards 61.8% projection of 114.84 to 134.39 from 132.04 at 144.12.

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). It should now be targeting 141.04/149.76 resistance zone. On the downside, break of 132.04 support is needed to be the first sign of medium term reversal. Otherwise, outlook will stay bullish in case of pull back.

In the long term picture, at this point, there is no clear indication that rise from 109.03 is resuming that from 94.11 (2012 low). 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 breached 131.65 key support last week but quickly recovered. Initial bias remains neutral this week first. After all, 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. On the downside, 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.

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.

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.

Daily Pivots: (S1) 123.27; (P) 123.55; (R1) 124.06; More….

EUR/JPY’s break of 123.66 minor resistance argue that pull back from 125.13 has completed. Intraday bias is turned back to the upside for 125.13 resistance. Decisive break there will revive the case that correction from 127.07 has completed. Further rally would be seen back to retest this high. On the downside, though, break of 122.84 will turn bias back to the downside for 121.63 support instead.

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 119.31 support holds. Break of 127.07 will target 61.8% retracement of 137.49 (2018 high) to 114.42 at 128.67 next. However, firm break of 119.31 will argue that the rise from 114.42 has completed and turn focus back to this low.

Daily Pivots: (S1) 117.77; (P) 119.05; (R1) 121.21; More….

Intraday bias in EUR/JPY remains neutral first. Near term outlook is neutral for now after drawing notable support from 115.86 low. On the upside, firm break of 121.39 will pave the way to 112.87 resistance next. On the downside, sustained break of 115.86 will indicate larger down trend resumption.

In the bigger picture, outlook remains bearish as the cross is staying well inside falling channel established since 137.49 (2018 high). As long as 122.87 resistance holds, the down trend should resume sooner or later to 114.84 support next. However, sustained break of 122.87 will complete a double bottom (115.86, 116.12) which could indicate medium term bullish reversal.

Daily Pivots: (S1) 117.93; (P) 118.13; (R1) 118.37; More….

No change in EUR/JPY’s outlook as consolidation from 117.51 is extending. Intraday bias remains neutral first. 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 120.49).

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.

Daily Pivots: (S1) 116.99; (P) 117.87; (R1) 118.42; More….

Break of 117.45 minor support argues that recovery from 116.33 has completed. Intraday bias is turned back to the downside for 115.86/33 key support zone. On the upside, break of 119.03 will extend recent consolidation form 115.86 with another rise leg.

In the bigger picture, outlook remains bearish as the cross is staying well inside falling channel established since 137.49 (2018 high), as well as falling 55 week EMA. As long as 122.87 resistance holds, the down trend form 137.49 should extend to 109.48 (2016 low). However, sustained break of 122.87 will indicate medium term bullish reversal.

Daily Pivots: (S1) 168.87; (P) 169.10; (R1) 169.42; More…

EUR/JPY’s rise from 1.6401 resumed by breaking 169.38 and intraday bias is back on the upside. This rally, as the second leg of the corrective pattern from 171.58, should target this high next. On the downside, break of 167.31 support should turn bias back to the downside to start the third leg towards 164.01.

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 158.30) 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.