Daily Pivots: (S1) 130.49; (P) 130.84; (R1) 131.45; More….

Intraday bias remains neutral as consolidative trading continues in range of 1.2894/132.40. With 132.40 resistance intact, near term outlook remains bearish and further decline is expected. On the downside, break of 128.94 will extend the whole fall from 137.49 to 126.61 medium term fibonacci level next. Nonetheless, break of 132.40 should confirm short term bottoming and turn bias back to the upside for stronger rebound.

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. Sustained break there would pave the way to 61.8% retracement at 119.90. On the upside, break of 132.40 resistance will indicate that the pull back is completed and bring retest of 137.49. But still, break of 137.49 is needed to confirm medium term rise resumption. Otherwise, outlook is neutral at best for consolidations.

EUR/JPY’s rally accelerated to as high as 124.42 last week. Initial bias stays on the upside this week. Rise form 114.42 should target next fibonacci level at 128.67. On the downside, break of 121.84 support is needed to indicate short term topping. Otherwise, outlook will remain bullish in case of retreat.

In the bigger picture, the firm break of 122.87 resistance suggests that whole down trend from 137.49 (2018 high) has completed at 114.42. Current rally should now 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 118.45) holds.

In the long term picture, EUR/JPY is staying in long term sideway pattern, established since 2000. Sustained break of 55 month EMA (now at 124.62) should confirm the start of another medium term rising leg. In this case, we’d tentatively look at 100% projection of 109.48 to 137.49 from 114.42 at 142.43 as the medium term target.

Daily Pivots: (S1) 164.55; (P) 164.82; (R1) 165.25; More…

EUR/JPY’s breach of 165.33 resistance argues that larger up trend is resuming. Intraday bias is back on the upside. Further rally would be seen to 169.96 key resistance next. Nevertheless, break of 164.39 minor support will turn intraday bias neutral again first.

In the bigger picture, current rally is part of the up trend from 114.42 (2020 low), which is still in progress. Next target is 169.96 (2008 high). Break of 160.20 support is needed to be the first sign of medium term topping. Otherwise, outlook will stay bullish in case of retreat.

Daily Pivots: (S1) 134.78; (P) 135.92; (R1) 136.57; More….

Intraday bias in EUR/JPY is turned neutral with current recovery. Overall, it’s staying in the corrective pattern from 144.26. On the upside, above 138.38 will resume the rebound from 138.38. On the downside, below 134.93 will turn bias back to the downside for 133.38 support.

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.

Daily Pivots: (S1) 130.20; (P) 131.00; (R1) 131.43; More….

Intraday bias in EUR/JPY remains neutral as it’s staying in consolidation between 128.94 and 132.40. Near term outlook also stays bearish and another decline is expected. On the downside break of 128.94 will extend the whole fall from 137.49 to 126.61 medium term fibonacci level next. Nonetheless, break of 132.40 should confirm short term bottoming and turn bias back to the upside for stronger rebound.

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. Sustained break there would pave the way to 61.8% retracement at 119.90. On the upside, break of 132.40 resistance will indicate that the pull back is completed and bring retest of 137.49. But still, break of 137.49 is needed to confirm medium term rise resumption. Otherwise, outlook is neutral at best for consolidations.

Daily Pivots: (S1) 119.11; (P) 119.50; (R1) 120.14; More…..

Intraday bias in EUR/JPY remains on the upside for the moment. Rise from 114.42 is seen as at least correcting the fall from 122.87. Further rally should be seen to 121.14 resistance next. Sustained break there will target 122.87 key resistance. On the downside, below 118.85 minor support will turn intraday bias neutral first. But further rise will remain in favor as long as 117.11 support holds.

In the bigger picture, there is no clear sign of trend reversal yet. EUR/JPY is staying well inside falling channel and below falling 55 week EMA. Deeper fall could be seen to retest 109.48 (2016 low) next. On the upside, break of 122.87 resistance is needed to confirm medium term bottoming. Otherwise, outlook will stay bearish in case of rebound.

Daily Pivots: (S1) 122.54; (P) 122.87; (R1) 123.20; More….

EUR/JPY is staying in consolidation from 122.08 temporary low. Intraday bias remains neutral first. Another recovery could be seen. But upside should be limited by 124.09 support turned resistance to bring fall resumption. On the downside, break of 122.08 will target a test on 118.62 low.

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) 125.78; (P) 126.19; (R1) 126.81; More….

Intraday bias in EUR/JPY remains neutral for consolidation above 124.89 temporary low. As long as 126.98 minor resistance holds, deeper fall could still be seen. But considering mild bullish convergence condition in 4 hour MACD, downside should be contained by 124.08/61 key support zone to bring rebound. On the upside, break of 126.98 will indicate short term bottoming and turn bias back to upside for stronger rebound.

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.

EUR/JPY surged to as high as 129.31 last week and the development indicates completion of fall from 131.97 at 124.89, ahead of 124.61 low. Initial bias remains on the upside this week for resistance zone between 131.97 and 61.8% retracement of 137.49 to 124.61 at 132.56. On the downside, break of 127.88 minor support is needed to indicate short term topping. Otherwise, further rally will remain in favor even in case of retreat.

In the bigger picture, EUR/JPY once again rebounded ahead of 124.08 key resistance turned support. It’s also held above long term trend line from 109.03 (2016 low). The development argues that such rise from 109.03 might now 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) 120.01; (P) 120.56; (R1) 121.11; More…

EUR/JPY’s rise from 118.23 accelerates to as high as 122.34 so far today and intraday bias remains on the upside. As noted before, corrective fall from 124.08 has completed at 118.23 after defending 118.45 cluster support (38.2% retracement of 109.20 to 124.08 at 118.39). Rise from there should target a test on 123.30/124.08 resistance zone. Break will extend larger rally from 109.20 to next key resistance at 126.09. On the downside, below 121.18 minor support will turn intraday bias neutral first. But pull back should be contained above 120.01 support and bring another rally.

In the bigger picture, price actions from 109.20 medium term bottom are seen as part of a medium term corrective pattern from 149.76. Strong rebound from 118.45 resistance turned support suggests that it’s still in progress. Break of 124.08 will target 126.09 key resistance level. We’d be cautious on strong resistance there to limit upside. However, sustained break there will be a strong sign of medium term momentum and could target 141.04 resistance next.

Daily Pivots: (S1) 121.52; (P) 121.83; (R1) 122.05; More….

Intraday bias in EUR/JPY remains on the downside for retesting 120.789 support. Decisive break there will resume the larger decline from 127.50 will 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.

Daily Pivots: (S1) 128.10; (P) 128.92; (R1) 129.72; More….

EUR/JPY rebound strongly today but stays below 130.26. Intraday bias remains neutral for the moment. ON the upside, above 130.26 will resume the rebound form 124.61 and target 133.47 key near term resistance next. On the downside, however, break of 127.78 minor support will indicate completion of the rebound from 124.61. Intraday bias will be turned back to the downside for 124.61 first.

In the bigger picture, despite rebounding 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.

EUR/JPY recovered last week but upside was limited below 124.31 minor resistance. Initial bias remains neutral this week and further fall remains in favor. On the downside, , sustained break of 38.2% retracement of 114.42 to 127.07 at 122.23 will extend the fall from 127.07. Next target is 61.8% retracement at 119.25, which is close to 119.31 key support. However, on the upside, firm break of 124.31 will argue that the pull back from 127.07 has completed. Intraday bias will be turned back to the upside for retesting this high.

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.

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) 130.97; (P) 131.47; (R1) 131.99; More….

AT this point, EUR/JPY is holding above 130.86 resistance turned support and intraday bias remains neutral. On the upside, break of 133.12 will resume the rise from 124.89 and target 137.49 high. However, firm break of 130.86 will argue that whole rise from 124.89 has completed. Deeper fall should then be seen back towards 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) 142.45; (P) 142.97; (R1) 143.91; More….

EUR/JPY is still staying in range below 144.23 and intraday bias remains neutral. On the upside, decisive break of 144.23 will resume larger up trend. On the downside, below 141.39 minor support will bring deeper fall, to extend the corrective pattern from 144.23.

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.

Daily Pivots: (S1) 156.89; (P) 157.25; (R1) 157.55; More….

Intraday bias in EUR/JPY remains neutral as range trading continues. Risk stays on the downside with 158.64 resistance intact. On the downside, break of 156.57 support, and sustained trading below 55 D EMA (now at 156.96) 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) 124.53; (P) 125.15; (R1) 125.54; More….

EUR/JPY’s break of 124.44 support completes ahead and shoulder top pattern. Fall from 127.07 should at least be corrective whole rise from 114.42. Intraday bias is turned to the downside for 38.2% retracement of 114.42 to 127.07 at 122.23. On the downside, break of 125.28 minor resistance will dampen this view and turn bias neutral first 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 137.49 (2018 high). This will remain the preferred case for now, as long as 119.31 support holds.

EUR/JPY’s pull back from 151.60 extended lower last week, but recovered ahead of 146.85 support. Initial bias stays neutral this week first, and outlook stays bullish. On the upside, break of 151.60 will resume larger up trend to 153.64 projection level. Nevertheless, firm break of 146.85 will confirm short term topping and turn bias to the downside for deeper pull back.

In the bigger picture, current development indicates that rise from 114.42 (2020 low) is in progress. Next target is 61.8% projection of 124.37 to 148.38 from 138.81 at 153.64. Sustained break there will pave the way to 100% projection at 162.82. For now, medium term outlook will remain bullish as long as 138.81 support holds, even in case of deep pull back.

In the long term picture, break of 149.76 (2014 high) argues that whole up trend form 94.11 (2012 low) is resuming. Sustained trading above 149.76 will pave the way to 100% projection of 94.11 to 149.76 from 109.03 at 164.68, which is close to 169.96 (2008 high).

Daily Pivots: (S1) 127.34; (P) 127.64; (R1) 128.13; More….

EUR/JPY rises sharply higher to 129.14 today but stays well below 130.33 resistance. Intraday bias remains neutral at this point. On the upside, break of 130.33 resistance will confirm resumption of rise from 124.61. That will also revive the case of near term reversal and turn bias to the upside for 133.47 key resistance. On the downside, break of 127.13 will resume the fall from 130.33 and target a test on 124.61 low. This will also affirm the case that larger decline from 137.49 is still in progress.

In the bigger picture, despite rebounding 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.

Daily Pivots: (S1) 156.80; (P) 157.42; (R1) 157.80; More….

Intraday bias in EUR/JPY remains neutral at this point. For now, the favored case is still that correction from 159.75 has 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.