Daily Pivots: (S1) 126.71; (P) 127.11; (R1) 127.61; More….

Intraday bias in EUR/JPY remains on the upside with 126.60 minor support intact. Current rally from 118.62 should target 61.8% retracement of 137.49 to 118.62 at 130.28 next. On the downside, break of 126.60 minor support will turn intraday bias neutral and bring consolidations first. But downside of retreat should be contained by 124.23/125.95 support zone to bring rise resumption.

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 turn focus back to 118.62 instead.

Daily Pivots: (S1) 131.86; (P) 132.23; (R1) 132.44; More….

EUR/JPY reaches as high as 132.61 but lost momentum since then. For now, further rally is in favor as long as 131.09 minor support holds. Rebound from 128.94 would extend to 61.8% retracement of 137.49 to 128.94 at 134.22 and above. However, break of 131.09 will indicate completion of the rebound and bring retest of 128.94 low instead.

In the bigger picture, price action from 137.49 medium term top are developing into a corrective pattern. Strong support from 55 EMA (now at 129.91) suggests that the first leg has completed at 128.94 already. Nonetheless, break of 137.49 is needed to confirm resumption of the rise from 109.03 (2016 low). Otherwise, we’d expect more corrective range trading another, with risk of another fall to 38.2% retracement of 109.03 to 137.49 at 126.61 before completion.

Daily Pivots: (S1) 129.90; (P) 130.45; (R1) 130.87; More….

Intraday bias in EUR/JPY is turned neutral as it retreated after hitting 130.99. Some consolidations could be seen but further rally is expected as long as 129.59 minor support holds. As noted before, whole consolidation from 134.11 could have completed with three waves down to 127.36, ahead of 126.58 medium term fibonacci level. Above 130.99 will resume the rise from 127.26 to retest 133.44/134.11 resistance zone. On the downside, however, break of 129.59 will turn bias back to the downside for 127.36 support instead.

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) 126.14; (P) 126.33; (R1) 126.59; More….

EUR/JPY’s rebound from 124.89 extended higher and breached 126.98 resistance. But there is no follow through rally yet. Intraday bias remains neutral at this point. 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 to 55 day EMA (now at 128.88).

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.

Daily Pivots: (S1) 135.61; (P) 136.27; (R1) 136.88; More….

Intraday bias in EUR/JPY stays mildly on the upside, as rebound from 133.38 would continue higher. Sustained break of 55 day EMA (now at 138.54) will suggest that whole correction from 144.26 has completed. This will now remain the favored case as long as 133.38 support holds.

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) 132.09; (P) 132.28; (R1) 132.42; More….

EUR/JPY failed to sustain above 132.63 support turned resistance and drops notably today. But downside is contained above 131.21 minor support and intraday bias remains neutral first. On the upside, firm break of 132.63 should confirm completion of correction from 134.11. Intraday bias will be turned back to the upside for retesting 134.11 first. On the downside, below 131.21 minor support will extend the correction through 130.02. But in this case, we’d expect strong support from 38.2% retracement of 121.63 to 134.11 at 129.34 to bring rebound.

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) 122.65; (P) 122.91; (R1) 123.35; More….

Intraday bias in EUR/JPY remain son the upside at this point. Current rise from 119.31 should target a test on 124.43 high. Decisive break there will resume whole rally from 114.42 bottom. On the downside, break of 121.81 support would turn bias back to the downside for 120.27 support. Break there should start the third leg of the corrective pattern from 124.43 to 119.31 support, and probably further to 61.8% retracement of 114.42 to 124.43 at 118.24.

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

Daily Pivots: (S1) 131.89; (P) 132.51; (R1) 132.87; More….

Intraday bias in EUR/JPY remains neutral for consolidation below 133.12 temporary top. Further rise is expected as long as 130.86 resistance turned support holds. 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) 126.05; (P) 126.42; (R1) 126.75; More….

Intraday bias in EUR/JPY stays neutral for consolidation below 127.22. Further rise is mildly in favor as long as 125.92 support holds. Break of 127.22 will resume whole rise from 114.42 for 128.67 medium term fibonacci level. However, firm break of 125.92 will indicate rejection by 127.07 resistance. Intraday bias will be turned back to the downside, to extend the consolidation from 127.07 with another leg.

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 121.63 support holds. Break of 127.07 will target 61.8% retracement of 137.49 (2018 high) to 114.42 at 128.67. Sustained trading above there will target 137.49 next. However, firm break of 121.63 will argue that the rise from 114.42 has completed and turn focus back to this low.

Daily Pivots: (S1) 130.23; (P) 130.94; (R1) 131.63; More….

Intraday bias in EUR/JPY remains on the downside as fall from 133.47 should target 128.94 low. Break there will resume whole fall from 137.49 and target 126.61 fibonacci level next. On the upside, above 131.66 minor resistance will turn intraday bias neutral first. But recovery should be limited well below 133.47 resistance to bring another fall.

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.

Daily Pivots: (S1) 124.33; (P) 124.95; (R1) 125.44; More….

EUR/JPY recovers ahead of 124.31 support and intraday bias remains neutral first. Further rise could still be seen and break of 126.75 will resume the rally from 114.42. However, considering bearish divergence condition in daily MACD, firm break of 124.31 should confirm short term topping. Intraday bias will be turned to the downside for 55 day EMA (now at 123.03), to correct the rally from 114.42.

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 day EMA (now at 123.03) holds. However, sustained break of 55 day EMA will revive medium term bearishness for another low below 114.42 at a later stage.

Daily Pivots: (S1) 131.95; (P) 132.17; (R1) 132.49; More….

We’re holding on to the view that corrective rebound from 128.94 has completed at 133.47 already. Deeper decline should be seen back to retest 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.

EUR/JPY staged a strong rebound last week after initial dive to 116.12. Notable support was seen ahead of 115.86 low. As the price actions from 116.12 low are not clearly impulsive yet, initial bias remains neutral this week first. On the upside, firm break of 121.39 will pave the way to 112.87 resistance next. On the downside, sustained break of 115.86 will indicate larger down trend resumption.

In the bigger picture, outlook remains bearish as the cross is staying well inside falling channel established since 137.49 (2018 high). As long as 122.87 resistance holds, the down trend should resume sooner or later to 114.84 support next. However, sustained break of 122.87 will complete a double bottom (115.86, 116.12) which could indicate medium term bullish reversal.

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. This falling leg would target 109.48 (2016 low). With EUR/JPY staying below 55 month EMA (now at 125.35), this is the preferred case.

Daily Pivots: (S1) 138.19; (P) 138.94; (R1) 139.48; More….

Intraday bias in EUR/JPY stays on the upside with 137.82 minor support intact. Current up trend should target 144.06 projection level next. On the downside, below 137.82 minor support will turn intraday bias neutral and bring consolidations first. But downside of retreat should be contained above 134.33 support to bring rally resumption.

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) 134.35; (P) 134.74; (R1) 135.18; More….

EUR/JPY is still staying in consolidation from 137.49 and intraday bias remains neutral. With 133.70 minor support intact, further rally is expected. 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) 126.86; (P) 127.70; (R1) 128.25; More….

EUR/JPY’s decline resumed after brief recovery and intraday bias is back on the downside. Current fall should now target 126.61 medium term fibonacci level. Based on current momentum, EUR/JPY will likely dive through this level to 100% projection of 137.49 to 128.94 from 133.47 at 124.92. On the upside, above 128.52 minor resistance will turn intraday bias neutral again. But after all, near term outlook will remain bearish as long as 129.22 support turned resistance holds and further fall is expected ahead.

In the bigger picture, bearish divergence in daily MACD and current strong downside momentum is raising the chance of medium term trend reversal. Sustained break of 38.2% retracement of 109.03 to 137.49 at 126.61 will argue that whole up trend from 109.03 has completed at 137.49 already. And, deeper decline would be seen to 61.8% retracement at 119.90 and below. Though, strong support from 126.61 and rebound from there would revive medium term bullish for another high above 137.49.

Daily Pivots: (S1) 127.46; (P) 128.01; (R1) 128.36; More….

At this point, we’re still favoring the case of short term bottoming at 126.63. Intraday bias remains on the upside for 130.20 resistance first. Break will pave the way for 133.12 high. On the downside, below 127.24 will turn bias to the downside. Break of 126.63 will extend the fall from 133.12 to retest 124.89 low.

In the bigger picture, as long as 124.08 key resistance turn supported holds, larger up trend from 109.03 (2016 low) is still in progress. Firm break of 137.49 structural resistance will target 141.04/149.76 resistance zone next. However, decisive break of 124.08 will argue that such rise from 109.03 has completed and turn outlook bearish. In that case, deeper fall would be seen to 61.8% retracement of 109.03 to 137.49 at 119.90.

Daily Pivots: (S1) 125.22; (P) 125.63; (R1) 126.32; More….

EUR/JPY is staying in consolidation from 126.75 and intraday bias remains neutral first. As long as 124.31 support holds, further rally is in favor. On the upside, break of 126.75 will resume the rally from 114.42. However, considering bearish divergence condition in daily MACD, firm break of 124.31 should confirm short term topping. Intraday bias will be turned to the downside for 55 day EMA (now at 123.10), to correct the rally from 114.42.

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 day EMA (now at 123.03) holds. However, sustained break of 55 day EMA will revive medium term bearishness for another low below 114.42 at a later stage.

Daily Pivots: (S1) 124.30; (P) 125.80; (R1) 126.99; More….

EUR/JPY’s strong rebound today suggests temporary bottoming at 124.61. That came after meeting 100% projection of 137.49 to 128.94 from 133.47 at 124.92. Intraday bias is turned neutral first and some consolidations could be seen. While further recovery could be seen, near term outlook will remain bearish as long as 128.94 support turned resistance holds. Below 124.71 will resume the fall from 137.49 and target next medium term fibonacci level at 119.90.

In the bigger picture, the case of medium term trend reversal continues to build up. That is rise from 109.03 (2016 low) could have completed at 137.49 already. This is supported by bearish divergence in daily MACD current downside acceleration, as well as the break of 38.2% retracement of 109.03 to 137.49 at 126.61. Deeper decline should be seen to 61.8% retracement at 119.90 and below. This will be the preferred case as long as 128.94 support turned resistance holds.

Daily Pivots: (S1) 133.55; (P) 134.15; (R1) 135.15; More….

Intraday bias in EUR/JPY remains neutral for the moment. Risk stays on the downside as long as 138.33 resistance holds, as the correction from 139.99 would extend. On the downside, below 132.63 will target 61.8% retracement of 124.37 to 139.99 at 130.33.

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.