Daily Pivots: (S1) 128.73; (P) 129.05; (R1) 129.65; More….

Intraday bias in EUR/JPY remains neutral for consolidation above 128.23 temporary low. Outlook is unchanged that corrective pattern from 134.11 is extending with another falling leg. Further decline is expected as long as 129.76 resistance holds. Below 128.23 will target 127.36, and possibly further to 126.58 fibonacci level. On the upside, above 129.76 minor resistance will turn bias back to the upside to 131.59 resistance instead.

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.

Daily Pivots: (S1) 125.53; (P) 125.92; (R1) 126.29; More….

Intraday bias in EUR/JPY remains neutral for consolidation below 127.07. Further rise is still expected as long as 124.44 support holds. Break of 127.07 will target 128.67 fibonacci level. However, firm break of 124.44 will confirm short term topping and turn bias to the downside for deeper correction.

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 55 week EMA (now at 121.54) holds. However, sustained break of 55 week EMA will revive medium term bearishness for another low below 114.42 at a later stage.

Daily Pivots: (S1) 132.06; (P) 132.72; (R1) 133.17; More….

Intraday bias in EUR/JPY remains neutral for consolidation below 133.44 temporary top. Such consolidation should be brief as long as 132.13 minor support holds. Above 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. Nevertheless, break of 132.13 will turn bias to the downside for deeper pull back.

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.

Near term outlook in EUR/JPY is a bit mixed. 134.20 fibonacci level is proven to be a strong resistance. But there was no follow through downside momentum confirm trend reversal Initial bias in EUR/JPY stays neutral this week. Risk will remain on the downside as long as 134.48 key resistance holds. Break of 131.16 will target 38.2% retracement of 114.84 to 134.48 at 126.97, which is close to 127.55 support. We’ll look for support from there to bring rebound on first attempt.

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). 61.8% retracement of 149.76 to 109.03 at 134.20 is already met. Sustained break there will pave the way to key long term resistance zone at 141.04/149.76. However, break of 127.55 support will argue that the medium term trend has reversed and will turn outlook bearish for deeper fall back to 114.84/124.08 support zone at least.

In the long term picture, at this point, there is no clear indication that rise from 109.03 is resuming that from 94.11. Hence, we’d be cautious on topping below 149.76 to extend range trading. Nonetheless, firm break of 149.76 will indicates strong underlying buying. In such case, EUR/JPY will target 100% projection of 94.11 to 149.76 from 109.03 at 164.68.

EUR/JPY’s decline from 133.47 and break of 132.03 minor support last week suggests that corrective rebound from 128.94 has completed. Initial bias remains mildly on the downside this week for retesting 128.94 low. Break there will resume whole decline from 137.49. On the upside, above 133.47 will extend the rebound. But we expect strong resistance from 61.8% retracement of 137.49 to 128.94 at 134.22 to limit upside and bring near term reversal eventually.

In the bigger picture, price action from 137.49 medium term top are developing into a corrective pattern. The first leg has completed at 128.94. The second leg might be finished at 133.47 or it might extend. But after all, we’d expect another decline through 128.94 to 38.2% retracement of 109.03 to 137.49 at 126.61 before completing the correction.

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) 120.22; (P) 120.67; (R1) 121.19; More….

Intraday bias in EUR/JPY remains neutral for consolidation below 121.46. Deeper retreat could be seen, but downside should be contained by 119.11 support. On the upside break of 121.46 will resume the rise from 115.86 to 123.35 resistance next.

In the bigger picture, current development argues that a medium term bottom is formed at 115.86, on bullish convergence condition in daily MACD, ahead of 114.84 support. Decisive of 120.78 support turned resistance will affirm this case and bring further rise to falling channel resistance (now at 125.71). Reactions from there would decide whether the medium term has reversed. For now, further rise is expected as long as 117.07 support holds.

Daily Pivots: (S1) 143.25; (P) 144.31; (R1) 145.25; More….

Intraday bias in EUR/JPY stays mildly on the upside at this point. Correction from 148.38 might have completed at 142.54, after hitting 38.2% retracement of 133.38 to 148.38 at 142.65. Further rally would be seen to retest 148.38 high. However, on the downside, sustained break of 142.65 will bring deeper fall to 61.8% retracement at 139.11 and possibly below.

In the bigger picture, there is no clear sign of medium term topping yet. Up trend from 114.42 (2020 low) could still resume through1 48.38 to 149.76 (2014 high). However, break of 137.32 support argue that a medium term correction has already started to correct the whole up trend from 144.42.

Daily Pivots: (S1) 118.21; (P) 118.80; (R1) 119.12; More….

Intraday bias in EUR/JPY remains neutral as consolidation from 120.01 extends. On the downside, break of 117.55 minor support will suggest completion of rebound from 115.86. Intraday bias will be turned back to the downside for retesting this low. On the upside, break of 120.10 will target 61.8% retracement of 123.35 to 115.86 at 120.48 next. Sustained break will target 123.35 key resistance.

In the bigger picture, as long as 120.78 support turned resistance holds, down trend from 137.49 (2018 high) should still be in progress. Break of 115.86 will target 109.48 (2016 low) and below. However, sustained break of 120.78 will be the first indication of medium term reversal. Further rise would then be seen to 127.50 resistance for confirmation.

Daily Pivots: (S1) 160.76; (P) 161.01; (R1) 161.25; More…

Intraday bias in EUR/JPY remains on the upside for 161.84 resistance. Firm break there will rebound whole rise from 153.15 to retest 161.84. For now, further rally is expected as long as 158.06 support holds, in case of retreat.

In the bigger picture, price actions from 164.29 medium term top are seen as a correction to rise from 139.05 only. 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) 132.11; (P) 133.13; (R1) 134.29; More….

Intraday bias in EUR/JPY is turned neutral with 4 hour MACD crossed above signal line. At this point, deeper decline is expected as long as 134.79 resistance holds Decisive break of 132.04 cluster support (23.6% retracement of 114.84 to 137.49 at 132.14) will indicate larger trend reversal on bearish divergence condition in daily MACD. In such case, outlook will be turned bearish for 38.2% retracement at 128.38 first. Nonetheless, rebound from 132.04 will retain near term bullishness. Break of 134.79 minor resistance will bring retest of 137.49 high instead.

In the bigger picture, bearish divergence condition in week EMA indicates lost up medium term up trend momentum. But there is no clear sign of completion of up trend from 109.03 yet. Break of 137.49 will target 141.04/149.76 resistance zone. However, sustained break of 132.04 will be the early sign of long term reversal and should bring deeper fall back to retest 124.08 key support level.

Daily Pivots: (S1) 132.48; (P) 133.63; (R1) 134.34; More….

EUR/JPY’s decline from 137.49 is still in progress and intraday bias remains on the downside for 132.04 cluster support first (23.6% retracement of 114.84 to 137.49 at 132.14). Decisive break there will indicate larger trend reversal on bearish divergence condition in daily MACD. On the upside, though, above 134.79 minor resistance will turn intraday bias neutral first.

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, however, will be an early sign of trend reversal and will bring deeper fall back to 124.08 key medium term support.

Daily Pivots: (S1) 162.65; (P) 163.05; (R1) 163.30; More…

Intraday bias in EUR/JPY is back on the downside as fall from 165.33 short term top resumed. Further decline would be seen to 160.20 structural support next. On the upside, however, break of 164.40 minor resistance will bring retest of 165.33 instead.

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) 146.86; (P) 147.76; (R1) 148.49; More….

EUR/JPY’s break of 165.85 support confirms short term topping at 151.60. Intraday bias is now back on the downside for 61.8% retracement of 139.05 to 151.60 at 143.84. But strong support should emerge above 139.05 to complete the correction and bring rebound. On the upside, break of 149.25 minor resistance will turn bias back to the upside for retesting 151.60 high.

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 139.05 at 154.14. Sustained break there will pave the way to 100% projection at 162.82. For now, medium term outlook will remain bullish as long as 139.05 support holds, even in case of deep pull back.

Daily Pivots: (S1) 129.63; (P) 129.82; (R1) 130.07; More….

Intraday bias in EUR/JPY remains neutral for the moment. 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.

Daily Pivots: (S1) 129.83; (P) 129.63; (R1) 130.02; More….

EUR/JPY drops to as low as 128.72 so far today. The break of 129.10 indicates resumption of fall from 131.97. It also revives the case that corrective rise from 124.61 has completed with three waves up to 131.97. Intraday bias is now on the downside for 127.13 support first. Break there will pave the way to 124.61 low. ON the upside, break of 131.13 resistance is needed to confirm completion of the fall from 131.97. Otherwise, outlook will remain bearish in case of recovery.

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.

Daily Pivots: (S1) 149.98; (P) 150.53; (R1) 150.95; More….

EUR/JPY lost momentum after edging higher to 151.05 and intraday bias is turned neutral first. Above 151.05 will target 151.60 high. Firm break there will resume larger up trend to 153.64 projection level. On the downside, however, break of 148.83 will extend the corrective pattern from 151.60 with another falling leg, back towards 146.12 support.

In the bigger picture, 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 139.05 support holds, even in case of deep pull back.

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

Focus is now on 128.94 support turned resistance. Decisive break there will argue that fall from 137.49 has completed 124.61, ahead of 124.08 key support level. The three wave structure will indicate it’s a correction and the larger rally is not completed. In that case, further rise should be seen to 133.47 resistance next. On the downside, below 127.17 minor support will indicate rejection from 128.94 and bring retest of 124.61 first.

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.

Daily Pivots: (S1) 130.20; (P) 130.56; (R1) 131.13; More….

No change in EUR/JPY’s outlook as it’s staying in range of 1.2894/132.40. Intraday bias remains neutral for the moment. 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.

Daily Pivots: (S1) 143.20; (P) 143.84; (R1) 144.50; More….

Intraday bias in EUR/JPY remains neutral for the moment, and further decline remains mildly in favor. Break of 140.75 will resume the choppy fall from 148.38. However, sustained break of the channel resistance (now at 144.83) will suggest that the correction from 148.38 has completed. Stronger rise should be seen to 146.12 resistance for confirmation.

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.

Daily Pivots: (S1) 163.94; (P) 164.17; (R1) 164.39; More…

Intraday bias in EUR/JPY remains neutral for consolidations below 165.33. Downside of current retreat should be contained by 55 4H EMA (now at 163.57) to bring rebound. On the upside, break of 165.33 will resume larger up trend to 61.8% projection of 153.15 to 163.70 from 160.20 at 166.71. However, sustained break of 55 4H EMA will turn bias to the downside for deeper fall to 160.20 support instead.

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.