Daily Pivots: (S1) 131.49; (P) 132.09; (R1) 132.61; More….

Intraday bias in EUR/JPY remains neutral as consolidation from 133.12 is extending. While deeper pull back could be seen, as long as 130.86 resistance turned support holds, further rally is expected. On the upside, above 133.12 will target 100% projection of 124.89 to 130.86 from 127.85 at 133.82 first. Break will target 137.49 high. However, firm break of 130.86 will dampen this bullish view and turn focus back to 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.

EUR/JPY fell to as low as 139.11 last week before forming a temporary low there and recovered. Current development suggests that fall from 145.55 is the third leg of the whole corrective decline from 148.38. Risk stays on the downside as long as 4 hour 55 EMA (now at 142.85) holds. Below 139.11 will target 137.37 low, and then 135.40 fibonacci level.

In the bigger picture, as long as 55 week EMA (now at 139.54) 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.

In the long term picture, outlook will stay bullish as long as 134.11 resistance turned support holds (2021 high). Sustained break of 149.76 (2014 high) will open up further rally, as resumption of the rise from 94.11 (2012 low), towards 169.96 (2008 high).

Daily Pivots: (S1) 130.24; (P) 130.64; (R1) 130.85; More….

EUR/JPY’s break of 130.02 confirms resumption of whole correction from 121.63. Deeper decline would be seen to 38.2% retracement of 121.63 to 134.11 at 129.34 support. We’d look for strong support from there to bring rebound. On the upside, above 131.02 minor resistance will turn bias 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. 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.

Daily Pivots: (S1) 120.47; (P) 120.61; (R1) 120.82; More….

Intraday bias in EUR/JPY remains on the upside at this point. Rebound from 119.24 is in progress for retesting 121.46 resistance first. Break will resume larger rally from 115.86 to 123.35 resistance next. On the downside, below 120.41 minor support will turn intraday bias neutral again. But overall near term outlook will remain bullish as long as 119.11 support holds.

In the bigger picture, the rebound from 115.86 medium term bottom is seen as a corrective rise only. In case of another rise, strong resistance should be seen from falling channel resistance (now at 125.14) to limit upside. Break of 117.07 support will be an early sign of resumption of down trend from 137.49 through 115.86 low.

Daily Pivots: (S1) 124.48; (P) 126.15; (R1) 127.22; More….

EUR/JPY’s drops to as low as 124.38 so far today. Intraday bias stays on the downside for 121.94 medium term fibonacci level. On the upside, above 126.91 minor resistance will turn intraday bias neutral and bring consolidation first, before staging another fall.

In the bigger picture, current development suggests that whole rise from 114.42 (2020 low) has completed 134.11 already. Fall from there is developing into a medium term down trend. Next target is 61.8% retracement of 114.42 to 134.11 at 121.94. On the upside, firm break of 127.36 support turned resistance is needed to be the first sign of medium term bottoming. Otherwise, outlook will stay bearish in case of recovery.

Daily Pivots: (S1) 133.86; (P) 135.35; (R1) 136.18; More….

EUR/JPY is staying in consolidation from 137.50 and intraday bias remains neutral first. 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) 122.77; (P) 123.38; (R1) 123.74; More….

Outlook in EUR/JPY remains unchanged and intraday bias stays neutral first. 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 dropped to 120.95 last week but recovered ahead of 120.78 support. The development suggests that consolidation from 120.78 is extending with another rise. Initial bias is mildly on the upside this week for 123.18 resistance. Upside should be limited below 123.73 resistance to bring fall resumption eventually. On the downside, firm 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 127.50 resistance is needed to be the first sign of medium term reversal. Otherwise, outlook will remain bearish in case of strong 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. Break of 118.62 will extend this falling leg through 109.48 (2016 low). With EUR/JPY staying below 55 month EMA, this is now the preferred case.

Daily Pivots: (S1) 118.26; (P) 119.03; (R1) 119.45; More…

Intraday bias in EUR/JPY remains on the downside for the moment. Further fall is expected but overall, price actions from 124.08 are still viewed as a consolidation pattern. Hence we’re expecting strong support from 118.39/45 (38.2% retracement of 109.20 to 124.08 at 118.39) to contain downside. On the upside, break of 119.81 resistance will indicate short term bottoming. In such case, intraday bias will be turned back to the upside for 120.43 resistance first. However, sustained trading below 118.39/45 will invalidate our view and bring deeper fall.

In the bigger picture, we’re holding on to the view that medium term rise from 109.20 is still in progress. Focus is on 126.09 key resistance level. Sustained break will confirm completion of the whole decline from 149.76. And rise from 109.20 is of the same degree as the fall from 149.76. In such case, further rally would be seen to 104.04 resistance and possibly above before topping. Meanwhile, rejection from 126.09, or firm break of 118.45 cluster support, will likely extend the fall from 149.76 through 109.20 low.

Daily Pivots: (S1) 123.66; (P) 123.95; (R1) 124.47; More….

Intraday bias in EUR/JPY remains neutral as range trading continues. On the upside, break of 125.08 will resume the rebound form 122.37 to retest 127.07. Nevertheless, break of 123.01 will argue that correction from 127.07 is possibly extending with another falling leg. 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, 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.

EUR/JPY defended 127.91 support and then rebounded last week. The development suggests that fall from 130.73 has completed. Initial bias stays on the upside this week for 130.73 resistance first. Firm break there will argue that correction from 134.11 has completed and turn near term outlook bullish for retesting this high. On the downside, break of 129.03 minor support will turn bias back to the downside for retesting 127.91 instead.

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.

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) 121.01; (P) 121.52; (R1) 121.84; More…

No change in EUR/JPY’s outlook as the consolidation from 124.08 is still unfolding. Deeper fall cannot be ruled out yet. On the downside, below 120.54 will target 118.45 cluster support (38.2% retracement of 109.20 to 124.08 at 118.39). In that case, we’d expect strong support from there to bring rebound. On the upside, break of 124.08 will extend the larger rally from 109.20 to 126.09 key resistance next.

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. 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) 130.64; (P) 131.33; (R1) 131.94; More….

Despite breaching 130.86 resistance turned support, EUR/JPY quickly recovered. Intraday bias remains neutral and further rally is still in favor. On the upside, break of 133.12 will 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.

EUR/JPY reversed after hitting 133.13 and dropped sharply from there. The development suggests that corrective pattern from 134.11 is extending with another falling leg. Initial bias stays on the downside this week for 128.23 support. Break will target 127.36 and below. On the upside break of 133.13 will bring retest of 134.11 high.

In the bigger picture, price actions from 134.11 are currently seen as a consolidation pattern only. As long as 38.2% retracement of 114.42 (2020 low) to 134.11 at 126.58 holds, up trend from 114.42 is still in favor to continue. Break of 134.11 will target long term resistance at 137.49 (2018 high). However, sustained break of 126.58 will raise the chance of bearish reversal. In this case, deeper decline would be seen to 61.8% retracement at 121.94, and possibly below.

In the long term picture, EUR/JPY is staying in long term sideway pattern, established since 2000. Long term outlook will remain neutral until breakout from the range of 109.03/137.49.

Daily Pivots: (S1) 127.78; (P) 128.15; (R1) 128.50; More….

Intraday bias in EUR/JPY remains neutral for the moment. 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 126.63 will bring retest of 124.61 low instead.

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) 147.27; (P) 147.63; (R1) 148.11; More….

EUR/JPY’s rally finally resumes and the break of 148.38 resistance should now confirms resumption of larger up trend. Intraday bias is back on the upside for 149.76 long term resistance next. Break will target 153.64 projection level. Meanwhile, outlook will now stay bullish as long as 146.27 support holds, in case of retreat.

In the bigger picture, as long as 55 W EMA (now at 140.70) holds, larger up trend from 114.42 (2020 low) is still in progress for 149.76 long term resistance (2014 high). Decisive break there will resume long term up trend from 94.11 (2012 low). Next target is 61.8% projection of 124.37 to 148.38 from 138.81 at 153.64. This will remain the favored case as long as 138.81 support holds.

Daily Pivots: (S1) 134.89; (P) 135.46; (R1) 136.11; More….

EUR/JPY is still staying in consolidation below 136.63 and intraday bias remains neutral. Near term outlook remains bullish as 133.03 support is intact. On the upside, 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.

EUR/JPY dropped to 121.31 last week but recovered ahead of 120.78 support. Initial bias is turned neutral this week first. We’re still favoring the case that consolidation from 120.78 has completed with three waves to 123.35. Below 121.31 will target retest of 120.78 first. Break will resume fall from 127.50 to 118.62 low. In case of another rise as consolidation from 120.78 extends, upside should be limited by 123.73 resistance to bring fall resumption eventually.

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.

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. Break of 118.62 will extend this falling leg through 109.48 (2016 low). With EUR/JPY staying below 55 month EMA, this is now the preferred case.

Daily Pivots: (S1) 120.48; (P) 120.71; (R1) 120.03; More….

EUR/JPY surges to as high as 121.48 so far and the development suggests that larger rise from 115.86 is resuming. Intraday bias is back on the upside. Sustained trading above 121.46 resistance will confirm and target 123.35 resistance next. On the downside, though, below 120.76 minor support will delay the bullish case and turn bias neutral first.

In the bigger picture, the rebound from 115.86 medium term bottom is seen as a corrective rise only. In case of another rise, strong resistance should be seen from falling channel resistance (now at 124.83) to limit upside. Break of 117.07 support will be an early sign of resumption of down trend from 137.49 through 115.86 low.

Daily Pivots: (S1) 120.20; (P) 120.80; (R1) 121.50; More….

Intraday bias in EUR/JPY on the upside for the moment. Rise from 118.46 should target 122.87 resistance next. Break will resume whole rise from 115.86 low. On the downside, though, break of 120.09 minor support will turn bias to the downside for retesting 118.46 low instead.

In the bigger picture, outlook remains bearish as the cross is staying well inside falling channel established since 137.49 (2018 high). It was also just rejected by 55 week EMA. Break of 115.86 will extend the down trend from 137.49 (2018 high) to 114.84 support next.