Daily Pivots: (S1) 130.90; (P) 131.18; (R1) 131.37; More….

EUR/JPY is staying in consolidation from 132.35 and intraday bias remains neutral for the moment. Downside of retreat should be contained well above 129.57 support to bring rise resumption. On the upside, break of 132.35 will target 100% projection of 114.42 to 127.07 from 121.63 at 134.28.

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 127.07 resistance turned support holds. 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).

EUR/JPY surged to as high as 130.26 last week but retreated sharply since then. Initial bias is neutral this week first. Despite breaking 128.94 support turned resistance, the rejection by falling 55 day EMA kept outlook bearish. EUR/JPY is also staying well inside falling channel from 137.49. Hence, break of 127.78 minor support will indicate completion of the rebound. Intraday bias will be turned back to the downside for 124.61 first. Nonetheless, above 130.26 will extend the rebound to 133.47 key near term resistance next.

In the bigger picture, despite rebound strongly ahead of 124.08 resistance turned support, there was no clear follow through buying. Note again that there is bearish divergence in daily MACD. 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. Nonetheless, decisive break of 133.47 key resistance will likely extend the rise from 109.03 through 137.49 high.

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) 123.25; (P) 123.52; (R1) 124.02; More….

EUR/JPY recovers after drawing support from 4 hour 55 EMA but stays below 124.29/43 resistance zone. Intraday bias remains neutral first. Overall, further rally will remain in favor as long as 121.96 support holds. On the upside, firm break of 124.43 will resume the rise from 114.42 to 61.8% projection of 114.42 to 124.43 from 119.31 at 125.49. On the downside, however, break of 121.96 will turn bias to the downside for 119.31 support instead.

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 137.59 (2018 high). This will remain the preferred case for now, as long as 55 day EMA (now at 120.80) holds. However, sustained break of 55 day EMA will revive medium term bearishness for another low below 114.42 at a later stage.

EUR/JPY’s pull back from 134.11 extended lower last week but downside is so far contained above 132.51 support. Initial bias remains neutral this week first, and another rise is mildly in favor. s. On the upside, sustained break of 100% projection of 114.42 to 127.07 from 121.63 at 134.28, will extend the up trend from 114.42 to 137.49 long term resistance next. However, on the downside, firm break of 132.51 will argue that EUR/JPY is already correcting whole rise from 121.63. Intraday bias will be turned to the downside for 128.8/130.65 support zone.

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.

Daily Pivots: (S1) 157.45; (P) 157.85; (R1) 158.47; More….

Intraday bias in EUR/JPY remains neutral at this point. Risk will stay mildly on the downside as long as 159.47 short term top holds. Break of 156.85 will resume the corrective fall to 55 D EMA (now at 155.87) and possibly below.

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 139.05 at 163.06. Sustained break there will pave the way to retest long term resistance at 169.96. This will remain the favored case as long as 151.39 support holds, even in case of deep pull back.

Daily Pivots: (S1) 122.67; (P) 122.91; (R1) 123.25; More….

Intraday bias in EUR/JPY remains neutral for the moment and some more consolidations could be seen. But further decline will remain in favor as long as 124.31 minor resistance holds. Decisive break of 38.2% retracement of 114.42 to 127.07 at 122.23 will raise the chance that whole rise from 114.42 has completed. Deeper fall would be seen to 61.8% retracement at 119.25. However, break of 124.31 will turn bias back to the upside for retesting 127.07 high.

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) 139.20; (P) 140.53; (R1) 141.99; More….

Intraday bias in EUR/JPY remains neutral first but risk stays on the downside as long as 143.61 resistance holds. Break of 138.81 will affirm the bearish case that fall from 145.55 is a leg inside the whole corrective decline from 148.38. Next target is 137.37 low, and then 135.40 fibonacci level.

In the bigger picture, as long as 55 week EMA (now at 139.58) 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.

Daily Pivots: (S1) 129.48; (P) 129.78; (R1) 130.30; More….

EUR/JPY rises to as high as 130.93 so far today. Current development suggests that pull back from 131.97 has completed at 129.10. Intraday bias stays on the upside for 131.97 first. Break there will resume the rebound from 124.61 and target 133.47 key resistance. Break there will confirm near that fall from 137.49 has completed. On the downside, however, below 130.06 minor support will turn focus back to 129.10 instead.

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.

EUR/JPY rose to 142.31 last week but reversed from there. The development suggests that correction pattern from 144.23 is extending with another falling leg. Initial bias stays mildly on the downside this week for 136.85 support. On the upside, above 140.68 minor resistance will turn bias back to the upside for 142.31 resistance instead.

In the bigger picture, up trend from 114.42 (2020 low) is seen as the third leg of the pattern from 109.30 (2016 low). Further rally is in favor as long as 134.11 resistance turned support holds, even in case of deep pull back. Next target is 149.76 (2015 high). However, sustained break of 134.11 will be a sign of medium term bearish reversal and turn focus to 124.37 support for confirmation.

In the long term picture, current rally could be resuming whole rise from 94.11 (2012 low). Further rally would be seen to 149.76 resistance (2014 high) and above. This will remain the favored case as long as 134.11 resistance turned support holds.

Daily Pivots: (S1) 154.54; (P) 155.32; (R1) 156.76; More..

EUR/JPY’s recovery from 153.15 extends higher today but outlook is unchanged. Upside should be limited below 158.36 minor resistance to bring another fall. On the downside, below 155.98 will turn bias to the downside for retesting 153.15. Break of 153.15 and sustained trading below 38.2% retracement of 139.05 to 164.29 at 154.64 will target 61.8% retracement at 148.69 next.

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) 168.38; (P) 168.86; (R1) 169.76; More…

Intraday bias in EUR/JPY is turned neutral with current strong rebound. On the upside break of 170.12 resistance will argue that pull back from 170.87 has completed at167.52, after drawing support from 55 D EMA. Intraday bias will be back on the upside for 170.87 and then 171.58 high.

In the bigger picture, as long as 55 W EMA (now at 159.83) holds, price actions from 171.58 medium term top are seen as as correcting the rise from 153.15 only. That is, larger up trend remains in favor to continue as a later stage. 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) 130.98; (R1) 131.39; More….

As noted before, the corrective rebound from 129.34 has completed at 132.40 already. That’s slightly ahead of 38.2% retracement of 137.49 to 129.34 at 132.45. Intraday bias remains on the downside for retesting 129.34 low first. Break will resume whole fall from 137.49 and target 126.61 medium term fibonacci level. In case of another rise, we’d continue to expect strong resistance from 132.45 to limit upside.

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’s retreat from 164.29 finished at 161.22 and recovered since then. Initial bias stays mildly on the upside this week for retesting 164.29 first. Firm break there will resume larger up trend. On the downside, however, break of 162.42 minor support will turn bias back to the downside, to extend the corrective pattern from 164.29 with another falling leg.

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.

In the long term picture, rise from 109.03 (2016 low) is seen as the third leg of the whole up trend from 94.11 (2012 low). Next target is 100% projection of 94.11 to 149.76 from 114.42 at 170.07 which is close to 169.96 (2008 high).

Daily Pivots: (S1) 125.58; (P) 126.29; (R1) 126.76; More….

EUR/JPY is staying in consolidation from 125.13 and intraday bias remains neutral first. More corrective trading could be seen and stronger recovery cannot be ruled out. But upside should be limited well below 128.49 support turned resistance to bring fall resumption. On the downside, break of 125.13 will target 124.61 key support next.

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.

Daily Pivots: (S1) 122.07; (P) 122.69; (R1) 123.14; More…

EUR/JPY is staying in range below 124.08 and intraday bias remains neutral for the moment. Consolidation could extend but overall, further rally is in favor as long as 120.90 support holds. Above 124.08 will target 126.09 key resistance next. Considering bearish divergence condition in 4 hours MACD, we’d be cautious on topping around 126.09. Meanwhile, break of 120.90 will indicate short term topping and turn bias to the downside for 55 days EMA (now at 119.89).

In the bigger picture, price actions from 109.20 medium term bottom are seen as correcting whole down trend from 149.76 to 109.20. 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.

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Daily Pivots: (S1) 143.80; (P) 144.33; (R1) 145.17; More….

Intraday bias in EUR/JPY remains on the upside at this point. Decisive break of 145.62 resistance will will confirm up trend resumption. Next target is 100% projection of 133.38 to 145.62 from 137.32 at 149.56, which is close to 149.76 long term resistance. On the downside, below 143.46 minor support will turn intraday bias neutral first.

EUR/JPY Mid-Day Outlook

In the bigger picture, as long as 133.38 support holds, the up trend from 114.42 (2020 low) could still extend through 145.62 high. In that case, next target is 149.76 (2015 high). However, sustained break of 133.38 will be a sign of medium term bearish reversal and bring deeper fall to 124.37 support first.

Daily Pivots: (S1) 124.98; (P) 125.72; (R1) 126.15; More….

EUR/JPY is staying in consolidation from 127.07 and intraday bias 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 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) 156.63; (P) 157.18; (R1) 157.56; More….

EUR/JPY’s fall from 157.99 is extending lower today and intraday bias is now on the downside with strong break of 55 4H EMA. Deeper correction could be seen 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) 155.92; (P) 156.85; (R1) 157.46; More….

Intraday bias in EUR/JPY remains neutral and outlook is unchanged. On the upside, sustained break of 157.99 will confirm resumption of larger up trend, and target 162.82 projection level next. Nevertheless, break of 155.57 minor support will bring deeper decline to extend the corrective pattern from 157.99.

In the bigger picture, as long as 151.60 resistance turned support holds, rise from 114.42 (2020 low) is in progress. On resumption, next target is 100% projection of 124.37 to 148.38 from 138.81 at 162.82. Nevertheless, sustained break of 151.60 will argue that larger correction is already underway.

Daily Pivots: (S1) 129.22; (P) 129.52; (R1) 129.90; More….

EUR/JPY is staying in consolidation from 128.58 and intraday bias remains neutral first. With 131.07 resistance intact, deeper fall remains mildly in favor. On the downside, break of 128.85 will resume the fall from 134.11 to 127.07 resistance turned support next. On the upside, break of 131.07 resistance will argue that choppy fall from 134.11 has completed. Intraday bias will be turned back to the upside for 132.68 resistance 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, and open up the case for retesting 114.42.