EURJPY Outlook

Daily Pivots: (S1) 180.91; (P) 182.36; (R1) 183.39; More...

Immediate focus is now on 38.2% retracement of 172.24 to 186.86 at 181.27 as EUR/JPY's fall accelerated lower. Decisive break there will argue that fall from 186.86 is correcting whole up trend from 154.77. Next near term target will be 161.8% projection of 186.86 to 181.76 from 186.22 at 177.96. Nevertheless, strong rebound from current level, followed by break of 182.99 minor resistance will retain near term bullishness, and bring retest of 186.86 high first.

In the bigger picture, up trend from 114.42 (2020 low) is in progress. Upside momentum has been diminishing as seen in bearish divergence condition in D MACD. But there is no clear sign of topping yet. On resumption, next target is 78.6% projection of 124.37 to 175.41 from 154.77 at 194.88 next. Meanwhile, outlook will stay bullish as long as 55 W EMA (now at 174.22) holds, even in case of deep pullback.

Daily Pivots: (S1) 182.72; (P) 184.36; (R1) 185.27; More...

While EUR/JPY's current fall is steep, overall price actions from 186.86 are still seen as a consolidation pattern. Downside should be contained by 38.2% retracement of 172.24 to 186.86 at 181.27 to bring rebound. Break of 186.86 resistance is expected at a later stage to resume the larger up trend. However, sustained break of 181.27 will indicate that larger scale correction is already underway.

In the bigger picture, up trend from 114.42 (2020 low) is in progress. Upside momentum has been diminishing as seen in bearish divergence condition in D MACD. But there is not clear sign of topping yet. On resumption, next target is 78.6% projection of 124.37 to 175.41 from 154.77 at 194.88 next. Meanwhile, outlook will stay bullish as long as 55 W EMA (now at 174.22) holds, even in case of deep pullback.

Daily Pivots: (S1) 185.00; (P) 185.63; (R1) 186.39; More...

EUR/JPY retreated ahead of 186.86 resistance and intraday bias remains neutral first. On the downside, below 184.26 minor support will extend the corrective pattern from 186.86 with another downleg, towards 181.76. But downside should be contained by 38.2% retracement of 172.24 to 186.86 at 181.27 to bring rebound. On the upside, decisive break of 186.86 will resume larger up trend.

In the bigger picture, up trend from 114.42 (2020 low) is in progress. Upside momentum has been diminishing as seen in bearish divergence condition in D MACD. But there is not clear sign of topping yet. On resumption, next target is 78.6% projection of 124.37 to 175.41 from 154.77 at 194.88 next. Meanwhile, outlook will stay bullish as long as 55 W EMA (now at 174.22) holds, even in case of deep pullback.