Daily Pivots: (S1) 123.87; (P) 124.16; (R1) 124.67; More…

Intraday bias in EUR/JPY remains neutral as the consolidation from 125.80 is still extending. In case of another fall, downside should be contained by 38.2% retracement of 114.84 to 125.80 at 121.61 to bring rebound and then rise resumption. On the upside, decisive break of 126.09 resistance will extend the whole rebound from 109.03 to 100% projection of 109.03 to 124.08 from 114.84 at 129.89.

In the bigger picture, focus is staying 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.

EUR/JPY’s rebound last week was limited below 136.36 and retreated. As it’s bounded in range of 133.03/136.63, initial bias remains neutral this week first. For the moment, outlook stays bullish as long as 133.03 support holds and another rise is in favor. Break of 136.63 will resume medium term up trend. However, on the downside, break of 133.03 will have 55 day EMA and medium term channel support firmly taken out. Also, considering bearish divergence condition in daily MACD too, that will suggest medium term reversal. Deeper fall should then be seen to 132.04 support for confirmation.

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 be targeting 141.04/149.76 resistance zone. On the downside, break of 132.04 support is needed to indicate medium term reversal. Otherwise, outlook will stay bullish in case of deep 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.

Daily Pivots: (S1) 141.31; (P) 141.69; (R1) 142.38; More….

EUR/JPY roses to as high as 144.20 so far today. Sustained break of 144.06 could bring even further medium term upside acceleration. Next near term target is 100% projection of 124.37 to 139.99 from 132.63 at 148.25. On the downside, below 141.36 minor support will turn intraday bias neutral and bring consolidations first.

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. Firm break there 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.

Daily Pivots: (S1) 129.24; (P) 129.50; (R1) 129.83; More….

Intraday bias in EUR/JPY remains mildly on the upside for the moment. Rebound from 127.91 short term bottom would target 130.54 resistance first. Sustained break there will argue that whole correction from 134.11 has completed and turn near term outlook bullish. Nevertheless, on the downside, below 128.58 minor support will turn bias back to the downside for retesting 127.91 low instead. Break will target 127.07 resistance turned support. That is close to 38.2% retracement of 114.42 to 134.11 at 126.58.

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) 141.00; (P) 141.54; (R1) 142.61; More….

Intraday bias in EUR/JPY remains neutral as range trading continues. On the downside, break of 137.37 will resume the whole decline from 148.38 to 135.40 fibonacci level next. However, firm break of 142.84 will argue that the correction from 148.38 has completed, and bring stronger rise back to 146.71 resistance.

In the bigger picture, as long as 55 week EMA (now at 138.62) 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) 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) 130.42; (P) 130.96; (R1) 131.63; More….

Intraday bias in EUR/JPY remains on the upside. Current rise from 124.89 should target 131.97 resistance and then key fibonacci resistance at 132.56. On the downside, break of 130.09 minor support will turn intraday bias neutral again. But outlook stays cautiously bullish as long as 127.85 support holds.

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) 128.52; (P) 128.78; (R1) 129.07; More….

EUR/JPY drew support from 4 hour 55 EMA and recovers today. But it’s staying below 130.33 resistance. Intraday bias remains neutral first. On the upside, break of 130.33 will resume the rebound from 124.61. And by then, EUR/JPY should have also taken out near term falling channel decisively. That would be a strong sign of trend reversal. In that case, further rise should be seen to 133.47 resistance for confirmation. On the downside, break of 127.13 will bring retest of 124.61 low instead.

In the bigger picture, for now, EUR/JPY is holding above 124.08 key resistance turned support. Fall from 137.49 could be proven to be a correction. Decisive break of 133.47 resistance will confirm its completion and should extend the rise from 109.03 (2016 low) through 137.49 high. However, firm break of 124.08 will confirm trend reversal. That is, whole rise from 109.03 (2016 low) has completed at 137.49 already. In that case, deeper fall should be seen back to 61.8% retracement of 109.03 to 137.49 at 119.90 and below.

Daily Pivots: (S1) 124.48; (P) 124.65; (R1) 124.84; More….

Intraday bias in EUR/JPY remains neutral at this point. On the upside, break of 125.09 resistance will extend the rebound from 118.62 to 55 day EMA (now at 126.59) and above. On the downside, break of 123.40 minor support will turn bias back to the downside for retesting 118.62 low instead.

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 down trend from 137.49 for 109.03/114.84 support zone instead.

EUR/JPY edged higher to 134.48 last week but failed to sustain above 134.39 resistance and retreated sharply. Initial bias remains neutral this week with focus on 131.65 support. Decisive break there will confirm rejection from 134.20 fibonacci level. That will also complete and double top pattern and confirms near term reversal. 55 day EMA will also be firmly taken out. In that case, deeper decline should be seen back to 127.55 key support. Meanwhile, decisive break of 134.39/48 resistance zone will confirm up trend resumption. In such case, EUR/JPY should target 141.04 long term resistance.

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.

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) 130.14; (P) 130.45; (R1) 130.96; More…

EUR/JPY retreats after hitting 130.76. A temporary top is in place and intraday bias is turned neutral for consolidation. But near term outlook remains bullish as long as 127.99 support holds. Above 130.76 will target 100% projection of 114.84 to 125.80 from 122.39 at 133.35 next. However, considering bearish divergence condition in 4 hour MACD, break of 127.99 will bring deeper pull back 55 day EMA (now at 125.13).

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 would now target 61.8% retracement of 149.76 to 109.03 at 134.20 and above. Medium term outlook will remain bullish as long as 122.39 support holds.

Daily Pivots: (S1) 129.83; (P) 129.63; (R1) 130.02; More….

Intraday bias in EUR/JPY remain neutral at hit point. On the downside, below 129.10 will resume the decline from 131.97 and target 127.13 support. Break there will confirm completion of rebound from 124.61, with three waves up to 131.97. On the upside, above 131.13 will likely resume the rebound from 124.61 through 131.97.

In the bigger picture, for now, medium outlook remains cautiously bullish. the three wave structure of the fall from 137.49 to 124.61 argues that it’s a correction. Also, 124.08 key resistance turned support was defended. Break of 133.47 resistance will affirm the bullish case that rise from 109.03 (2016 low) is still in progress for another high above 137.49. And this will remain the favored case as long as 127.13 support holds.

Daily Pivots: (S1) 130.91; (P) 131.30; (R1) 131.64; More….

No change in EUR/JPY’s outlook. Intraday bias stays neutral first. Corrective rise from 129.34 might extend higher. But we’d be cautious on strong resistance from 38.2% retracement of 137.49 to 129.34 at 132.45 to limit upside. Break of 129.34 will resume the whole decline from 137.49 to 126.61 medium term fibonacci level. Nonetheless, sustained break of 132.45 will target 61.8% retracement at 134.37 first, before resuming the fall from 137.49.

In the bigger picture, current development argues that rise from 109.03 (2016 low) has completed at 137.49, on bearish divergence condition in weekly MACD. Deeper fall should be seen to 38.2% retracement of 109.03 to 137.49 at 126.61 first. On the upside, break of 137.49 is needed to confirm medium term rise resumption. Otherwise, risk will now stay on the downside even in case of strong rebound.

EUR/JPY edged lower to 115.44 last week but rebounded strongly since then. A short term bottom could be formed at 115.44 on bullish convergence condition in 4 hour MACD. Initial bias is mildly on the upside this week for 119.00 resistance. Sustained break there will indicate that whole fall from 122.87 has completed and turn outlook bullish. On the downside, break of 115.44 will resume larger down trend instead.

In the bigger picture, there is no clear indication of trend reversal yet, with the cross staying well inside falling channel. Fall from 137.49 (2018 high) is still in progress for 109.48 (2016 low). Also, in any case, outlook will remain bearish as long as 122.87 resistance holds, in case of another 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. This falling leg would target 109.48 (2016 low). With EUR/JPY staying below 55 month EMA (now at 124.57), this is the preferred case.

EUR/JPY rose further to 130.86 last week but formed a top there and retreated sharply. As long as 38.2% retracement of 124.89 to 130.86 at 128.57 holds, another rise is mildly in favor. Above 129.83 minor resistance will turn bias back to the upside for 130.86 first and then resistance zone between 131.97 and 61.8% retracement of 137.49 to 124.61 at 132.56. However, firm break of 128.57 will argue that rebound from 124.89 has completed, and it’s the third leg of consolidation pattern from 124.61. In that case, intraday bias will be turned back to the downside for 124.61/89..

In the bigger picture, EUR/JPY once again rebounded ahead of 124.08 key resistance turned support. It’s also held well above long term trend line from 109.03 (2016 low). The development argues that such rise from 109.03 might not be over yet. Decisive break of 61.8% retracement of 137.49 to 124.61 at 132.56 will pave the way to retest 137.49 high. But, 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.

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) 121.40; (P) 121.84; (R1) 122.12; More….

EUR/JPY is staying in consolidation above 120.78 and intraday bias remains neutral. In case of stronger recovery, upside should be limited below 123.73 resistance to bring fall resumption. On the downside, break of 120.78 will resume the fall from 127.50 and target 118.62 low next.

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 123.73 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) 115.91; (P) 116.19; (R1) 116.64; More…

EUR/JPY’s recovery from 114.84 low is still in progress. Intraday bias remains neutral for the moment. At this point, we’d still expect upside to be limited by 118.23 resistance and bring another fall. Corrective rise from 109.20 should have completed at 124.08. Sustained break of 61.8% retracement of 109.20 to 124.08 at 114.88 will pave the way to retest 109.20 low.

In the bigger picture, medium term corrective rise from 109.20 should have completed at 124.08, ahead of 126.09 support turned resistance. Medium term down trend from 149.76 is likely resuming. Break of 109.20 will target 94.11 low. In any case, break of 126.09 is needed needed to confirm medium term reversal. Otherwise, outlook will remain bearish in case of another rebound.

Daily Pivots: (S1) 145.87; (P) 146.49; (R1) 147.02; More….

EUR/JPY is extending the consolidation from 148.38 and intraday bias remains neutral. In case of deeper fall, downside should be contained 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.

Daily Pivots: (S1) 144.22; (P) 144.69; (R1) 145.57; More….

Range trading continues in EUR/JPY and intraday bias remains neutral at this point. On the upside, break of 145.66 will resume recent rebound from 137.37. Further rally should then be seen to retest 148.38 high. On the downside, break of 142.53 will target 138.83 support 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’s up trend resumed by breaking through 129.96 last week, and hit as high as 130.37. Initial bias remains on the upside this week. Current rally from 121.63 should target 100% projection of 121.63 to 127.48 from 125.07 at 130.92 next. On the downside, break of 129.02 minor support will turn bias neutral again first.

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.