Daily Pivots: (S1) 133.47; (P) 134.04; (R1) 135.14; More….

Intraday bias sin EUR/JPY remains on the upside for the moment. Sustained trading above 134.11 high will confirm resumption of larger up trend next target will be 136.53 medium term projection level. On the downside, though, break of 132.31 minor support will delay the bullish case and turn bias neutral first.

In the bigger picture, current development suggests that corrective pattern from 134.11 has completed at 124.37 already. Firm break of 134.11 will resume the up trend from 114.42 (2020 low). Next target is 61.8% projection of 114.42 to 134.11 from 124.37 at 136.53, and then 137.49 (2018 high). This will now remain the favored case as long as 124.37 support holds.

Daily Pivots: (S1) 128.06; (P) 128.38; (R1) 128.98; More….

EUR/JPY’s strong rally today and firm break of 128.94 support turned resistance suggests that decline from 137.49 has completed at 124.61 already. The three wave structure in turn suggests that it’s a correction. And that larger rise is not finishe3d yet. Intraday bias in now on the upside for 131.34 resistance first. Break will target 133.47 key resistance next. On the downside, break of 127.78 support is now needed to indicate completion of the rebound. Otherwise, outlook will stay cautiously bullish in case of retreat.

In the bigger picture, as long as 124.08 resistance turned support holds, medium term rise from 109.03 (2016 low) is still in progress and another high above 137.49 would be seen. Nonetheless, considering bearish divergence condition in daily MACD, decisive break of 124.08 will confirm medium term reversal and target 61.8% retracement of 109.03 to 137.49 at 119.90 and below.

EUR/JPY dropped notably last week but stayed inside range of 119.32/121.32. Initial bias remains neutral this week first. On the downside, below 119.32 will extend the corrective fall from 124.08. In that case, we’d expect strong support from 118.45 cluster support (38.2% retracement of 109.20 to 124.08 at 118.39) to contain downside and bring rebound. On the upside, break of 121.32 minor resistance should revive the case that such correction is completed. And, intraday bias would then be turned back to the upside for 123.30/124.08 resistance zone.

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. Nonetheless, decisive break of 118.45 cluster support (38.2% retracement of 109.20 to 124.08 at 118.39) will argue that rise from 109.20 is completed and turn outlook bearish for 61.8% retracement at 114.88 and below.

In the long term picture, current medium term decline from 149.76 is seen as part of a long term sideway pattern from 88.96. Decisive break of 126.09 will indicate that such decline is completed and EUR/JPY has started another medium term rally already.

Subscribe to our daily and mid-day newsletter to get this report delivered to your mail box

Daily Pivots: (S1) 125.14; (P) 125.33; (R1) 125.79; More….

EUR/JPY’s break of 124.96 minor support suggests that rebound from 123.65 has completed. Intraday bias is turned back to the downside for 123.65 support first. Break there will resume whole fall from 127.50 and target 61.8% retracement of 118.62 to 127.05 at 121.84. On the upside, though, above 125.61 will resume the rebound to 126.78/127.50 resistance zone.

In the bigger picture, EUR/JPY is staying well inside medium term falling channel from 137.49 (2018 high). It’s also held below 55 week EMA (now at 127.53). Thus, down trend from 137.49 might still extend lower. Break of 118.62 will target 109.03/114.84 long term support zone. On the upside, however, break of 127.50 will solidify the case of medium term bullish reversal. Rise from 118.76 should extend to 133.12 key resistance instead.

Daily Pivots: (S1) 128.39; (P) 129.11; (R1) 129.67; More….

Focus in EUR/JPY remains on 38.2% retracement of 124.89 to 130.86 at 128.57. As long as 128.57 holds, another rise is still mildly in favor. On the upside, 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.

Daily Pivots: (S1) 123.39; (P) 123.71; (R1) 123.90; More….

Range trading continues in EUR/JPY and intraday bias remains neutral for the moment. On the upside, firm break of 125.08 should confirm completion of the corrective decline from 127.07 at 121.63. Further rise should be seen to retest 127.07 high. However, break of 123.18 will turn bias to the downside for 121.63, to extend the correction.

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.

Daily Pivots: (S1) 122.92; (P) 123.39; (R1) 123.97; More…

Intraday bias in EUR/JPY remains neutral as the consolidation from 125.80 is still in progress. In case of another fall, downside should be contained by 38.2% retracement of 114.84 to 125.80 at 121.61 to bring rise resumption. We’re staying mildly bullish in the cross. And, break of 126.09 key resistance will extend the whole rebound from 109.03 to 100% projection of 109.03 to 124.08 from 114.84 at 129.89. Nonetheless, firm break of 121.61 will dampen our bullish view and bring deeper fall to 61.8% retracement at 119.02.

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.

Daily Pivots: (S1) 136.10; (P) 137.03; (R1) 137.97; More….

EUR/JPY is trying to resume the rebound from 133.38 by breaking 137.93 minor resistance. Intraday bias is mildly on the upside. Firm break of 138.38 will confirm and target 142.31 resistance next. On the downside, break of 134.93 will turn bias back to the downside for 133.38 support. Overall, corrective pattern from 144.26 could extend further with more choppy trading.

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) 133.30; (P) 134.99; (R1) 135.89; More….

Intraday bias in EUR/JPY stays neutral for the moment. Corrective fall from 139.99 could still extend lower. Below 132.63 will target 61.8% retracement of 124.37 to 139.99 at 130.33. Nevertheless, break of 138.33 will indicate that the correction has completed, and bring retest of 139.99 high next.

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. In any case, outlook will now remain bullish as long as 124.37 support holds, in case of deep pull back.

Daily Pivots: (S1) 127.95; (P) 128.36; (R1) 128.80; More….

Intraday bias in EUR/JPY is turned neutral as it recovered after hitting 127.91 support. On the downside, break of 127.91 will resume the fall from 134.11 and target 127.07 resistance turned support. Sustained break there will carry larger bearish implication and pave the way to 121.91 fibonacci level. On the upside, however, break of 129.65 will turn bias back to the upside for 130.73 resistance 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.

Daily Pivots: (S1) 122.75; (P) 123.24; (R1) 123.81; More….

Intraday bias in EUR/JPY remains neutral as consolidation form 122.08 temporary low might extend. 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. Nevertheless, firm break of 124.09 will at least bring stronger rebound back to 125.23 resistance and above.

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.

EUR/JPY’s strong rebound last suggests that pull back from 127.50 has completed at 124.17. With 124.23 cluster support (38.2% retracement of 118.62 to 127.50 at 124.10) intact, near term bullish ness is retained. Though, as EUR/JPY lost momentum as seen in 4 hour MACD, initial bias is neutral this week first. On the upside, break of 127.50 will target 129.50 resistance next. On the downside, however, decisive break of 124.10/23 should confirm completion of whole rebound from 118.61. Deeper fall should at least be seen to 61.8% retracement at 122.01 and below. In this case, the chance of resuming larger down trend will also increase.

In the bigger picture, current development argues that medium term decline from 137.49 (2018 high) has completed with three waves down to 118.62 already. Decisive break of 133.12 resistance will confirm this bullish case. And whole up trend from 109.03 (2016 low) might resume through 137.49 in that case. On the downside, break of 124.23 support will invalidate this case. And in such case, the down trend from 137.49 could possibly resume through 118.62.

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 and could have completed. Break of 133.12 resistance will likely send EUR/JPY through 137.49 towards 149.76 (2014 high).

Daily Pivots: (S1) 160.54; (P) 161.08; (R1) 161.88; More…

Intraday bias in EUR/JPY stays neutral at this point. On the downside, below 160.20 will resume the fall from 163.70 to 38.2% retracement of 153.15 to 163.70 at 159.66. Sustained break there will indicate that fall from 163.70 is reversing whole rise from 153.13, and target 61.8% retracement at 157.18. On the upside, though, above 162.16 minor resistance will retain near term bullishness, and bring retest of 163.70.

In the bigger picture, price actions from 164.29 medium term top are seen as a correction to rise from 139.05 which could still be extending. As long as 148.38 resistance turned support holds (2022 high), larger up trend from 114.42 (2020 low) is expected to resume through 164.29 at a later stage. Next target would be 169.96 (2008 high).

Daily Pivots: (S1) 123.68; (P) 124.00; (R1) 124.51; More…

No change in EUR/JPY’s outlook despite diminishing upside moment as seen in 4 hour MACD. Further rally is expected with 122.92 minor support intact. Firm break of 124.08 resistance will confirm resumption of whole rise from 109.20. In that case, EUR/JPY would target 126.09 resistance first. Break there will pave the way to 100% projection of 109.03 to 124.08 from 114.84 at 129.89. On the downside, below 122.92 minor support will turn bias to the downside and bring pull back.

In the bigger picture, focus is back 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.

Daily Pivots: (S1) 131.59; (P) 132.06; (R1) 132.54; More….

Intraday bias in EUR/JPY is mildly on the downside as corrective pull back from 133.44 is extending. Downside should be contained above 130.45 resistance turned support to bring another rally. On the upside, break of 133.44 will target 134.11 high first. Firm break there will resume larger up trend from 114.42. Next target is 61.8% projection of 121.63 to 134.11 from 127.91 at 135.62.

In the bigger picture, rise from 114.42 (2020 low) is still in progress and the strong support support from 55 week EMA affirms medium term bullishness. Further rise would be seen to retest 137.49 (2018 high). Decisive break there will resume the whole long term rise from 109.03 (2016 low). Next target will be 100% projection of 109.03 to 137.49 from 114.42 at 142.88. This will now remain the favored case as long as 127.91 support holds.

Daily Pivots: (S1) 158.32; (P) 158.61; (R1) 159.03; More….

Intraday bias in EUR/JPY is back on the upside with breach of 159.20 temporary top. Current up trend should target 61.8% projection of 139.05 to 157.99 from 151.39 at 163.09 next. On the downside, below 158.17 minor support will turn bias neutral again and bring more consolidations.

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 now remain the favored case as long as 151.39 support holds, even in case of deep pull back.

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.

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) 129.83; (P) 130.34; (R1) 130.90; More….

Intraday bias in EUR/JPY remains neutral for the moment. On the upside, break of 131.59 resistance will reaffirm the bullish case that consolidation from 134.11 could have completed with three waves down to 127.36, ahead of 126.58 medium term fibonacci level. Further rally would then be seen to retest 133.44/134.11 resistance zone. On the downside break of 129.59 minor support will argue that rebound from 127.36 has completed and turn bias back to the downside for this support.

In the bigger picture, 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 medium term bearish reversal. In this case, deeper decline would be seen to 61.8% retracement at 121.94, and possibly below.

Daily Pivots: (S1) 143.34; (P) 144.34; (R1) 145.17; More….

Intraday bias in EUR/JPY is turned neutral again with current retreat. Outlook is unchanged that correction from 148.38 could have completed at 140.75. Above 145.33 will target 146.12 resistance first. Firm break there will bring retest of 148.38 high. On the downside, however, break of 143.16 minor resistance will dampen this bullish case and turn intraday bias back to the downside for 140.75.

In the bigger picture, considering bearish divergence condition in weekly MACD, 148.38 could be a medium term top already. Fall from there is probably correcting whole up trend from 114.42 (2020 low). Deeper decline would be seen to 55 week EMA (now at 138.08), or further to 38.2% retracement of 114.42 to 148.38 at 135.40 before completion.