Daily Pivots: (S1) 164.49; (P) 164.83; (R1) 165.13; More…

Intraday bias in EUR/JPY remains neutral for the moment and consolidation could continue below 165.33. But further rally remains in favor as long as 162.59 support holds. On the upside, firm break of 165.33 will resume larger up trend towards 169.96 key resistance next. On the downside, though, break of 162.59 will turn bias to the downside for 160.20 support next.

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) 124.35; (P) 124.82; (R1) 125.53; More…

EUR/JPY’s consolidation from 125.80 is still in progress and intraday bias remains neutral. Another fall could be seen but 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.

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.

EUR/JPY’s sharp decline last week put focus on 119.99 cluster support (38.2% retracement of 115.86 to 122.65 at 120.05). Considering bearish divergence condition in daily MACD, rebound from 115.86 could have completed at 122.65, ahead of medium term channel resistance. Firm break of 119.99 should confirm and bring deeper fall to 61.8% retracement at 118.45 and below. Nevertheless, strong rebound from current level will retain near term bullishness and turn focus back to 122.69 high.

In the bigger picture, EUR/JPY is still staying in the falling channel established since 137.49 (2018 high). Rise from 115.86 is seen as a corrective rise for the moment. Strong resistance could be seen at falling channel resistance (now at 124.49) to limit upside. However, sustained break of the channel resistance will carry larger bullish implication and target 127.50 key resistance next.

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 125.60), this is the preferred case.

Daily Pivots: (S1) 125.23; (P) 125.64; (R1) 126.01; More….

EUR/JPY’s fall from 126.79 extends further today and the development suggests completion of rebound from 123.56. Consolidation pattern from 127.50 is extending with another decline. Intraday bias is turned back to the downside for 124.78 support first. Break will target 123.65 and possibly below. On the upside, above 126.06 minor resistance will turn bias back to the upside for 126.79 instead.

In the bigger picture, there is no confirmation of completion of the down trend from 137.49 (2018 high) yet. In case of an extension, break of 118.62 will target 109.03/114.84 long term support zone. However, break of 127.50 will solidify the case of medium term bullish reversal. Further decisive break medium term channel resistance will affirm reversal and target 133.12 key resistance and above.

Daily Pivots: (S1) 120.31; (P) 120.85; (R1) 121.17; More…

Intraday bias in EUR/JPY remains cautiously on the downside for 118.45 cluster support (38.2% retracement of 109.20 to 124.08 at 118.39). Whole corrective rebound from 109.20 is likely completed at 124.08, ahead of 126.09 key resistance. Sustained break there will target 61.8% retracement at 114.88 and below. On the upside, above 122.41 resistance is needed to indicate completion of the decline. Otherwise, outlook will now stay bearish in case of recovery.

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. Sustained trading below 55 day EMA will pave the way to retest 109.20.

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

Daily Pivots: (S1) 126.21; (P) 126.51; (R1) 126.76; More….

EUR/JPY’s break of 126.26 minor support suggests that consolidation from 127.48 has started the third leg already. Intraday bias is back on the downside for 125.07 support. We’d expect some strong support from there to contain downside to bring rebound. On the upside, decisive break of 127.48 high will resume larger rise from 114.42, to 128.67 fibonacci level.

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. Next target is 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) 120.00; (P) 120.13; (R1) 120.33; More….

Outlook in EUR/JPY remains unchanged and intraday bias stays neutral. With 119.11 support intact, rise from 115.86 is in favor to continue. On the upside, above 120.68 will turn bias to the upside for 121.46 resistance first. However, firm break of 119.11 will argue that the rebound from 115.86 has completed. Intraday bias will be turned back to the downside for 117.07 support for confirmation.

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 125.23) 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.

EUR/JPY dipped to 128.28 last week but rebounded since then. Initial bias is mildly on the upside for retesting 130.65 high. Break there will resume larger up trend from 114.42. On the downside, below 128.28 will extend the correction from 130.65. But downside should be contained above 127.48 resistance turned support to bring rise resumption.

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 125.07 support holds. Next target is 137.49 (2018 high).

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) 140.95; (P) 141.38; (R1) 141.85; More….

Intraday bias in EUR/JPY stays neutral at this point. On the downside, break of 140.77 minor support will turn bias back to the downside, to extend the corrective pattern from 145.62 with another falling leg towards 137.32 support. On the upside, above 144.06 will bring retest of 145.62 high.

In the bigger picture, as long as 133.38 support holds, the up trend from 114.42 (2020 low) could still extend through 145.62 high. In that case, next target is 149.76 (2015 high). However, sustained break of 133.38 will be a sign of medium term bearish reversal and bring deeper fall to 124.37 support first.

Daily Pivots: (S1) 156.73; (P) 157.66; (R1) 159.25; More…

EUR/JPY’s break of 158.55 resistance suggests that rebound from 153.15 is resuming. Intraday bias is back on the upside. Further rally should be seen to 100% projection of 153.15 to 158.55 from 155.06 at 160.46. For now, risk will stay mildly on the upside as long as 155.06 support holds, in case of retreat.

In the bigger picture, price actions from 164.29 medium term top are tentatively seen as a correction to rise from 139.05 for now. As long as 148.48 resistance turned support holds (2022 high), larger up trend from 114.42 (2020 low) could still resume through 164.29 at a later stage.

Daily Pivots: (S1) 144.39; (P) 144.88; (R1) 145.79; More….

EUR/JPY’s rally resumed after brief retreat and intraday bias is back on the upside. Corrective fall from 148.38 has completed at 137.37 already. Rise from there should target 146.71 resistance and then 148.38 high. On the downside, below 143.86 will turn intraday bias neutral again. But outlook will stay cautiously bullish as long as 142.13 support holds.

In the bigger picture, as long as 55 week EMA (now at 139.42) 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.

Daily Pivots: (S1) 119.72; (P) 120.15; (R1) 120.55; More….

EUR/JPY lost downside momentum after hitting 119.41 and recovered. Intraday bias is turned neutral first. On the downside, below 119.41 will target 118.46 support. Firm break there will resume whole fall from 122.87. On the upside, above 121.39 will revive near term bullish and target a retest on 122.87 high 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.

Daily Pivots: (S1) 130.00; (P) 130.69; (R1) 131.21; More….

Intraday bias in EUR/JPY remains neutral for the moment, but further rally is expected as long as 130.01 support holds. Whole consolidation from 134.11 could have completed with three waves down to 127.36, ahead of 126.58 medium term fibonacci level. Break of 131.59 will target a test on 133.44/134.11 resistance zone. On the downside, break of 130.01 minor support will turn bias bias to the downside for retesting 127.36 low 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) 136.90; (P) 137.49; (R1) 137.95; More….

Intraday bias in EUR/JPY remains neutral for consolidations. But further decline is in favor with 139.78 minor resistance intact. On the downside, below 136.86 will target 132.63 support. Decisive break will turn outlook bearish for 124.37 support. On the upside, above 139.78 minor resistance will turn bias to the upside for stronger recovery.

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. Firm break of 139.78 will target 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.

EUR/JPY’s consolidation from 125.80 continued last week and outlook is unchanged. Initial bias is neutral this week first. In case of another fall, downside should be contained by 38.2% retracement of 114.84 to 125.80 at 121.61 to bring rebound and then rise resumption. On the upside, decisive break of 125.80/126.09 resistance zone will extend the whole rise from 109.03 to 100% projection of 109.03 to 124.08 from 114.84 at 129.89.

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.

In the long term picture, medium term decline from 149.76 is seen as part of a long term sideway pattern from 88.96. We’re not seeing any sign of an established long term trend yet. Hence, we’ll be cautious on strong support at 94.11 in case of another fall. Also, there could be strong resistance at 149.76 in case of a medium term rise.

Daily Pivots: (S1) 135.84; (P) 136.39; (R1) 137.36; More….

EUR/JPY surges to as high as 137.23 and break of 136.63 resistance indicates resumption of larger up trend. Intraday bias is back to the upside for 100% projection of 132.04 to 136.63 from 134.12 at 138.71 first. On the downside, break of 134.12 support is needed to indicate near term reversal. Otherwise, outlook will remain bullish in case of retreat.

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.

Daily Pivots: (S1) 124.56; (P) 124.89; (R1) 125.09; More….

Intraday bias in EUR/JPY remains neutral and outlook is unchanged. Corrective rise from 124.09 is expected to be limited by 125.29 resistance to bring another decline. Fall from 126.79 is seen as the third leg of the corrective pattern from 127.50. On the downside, break of 124.09 will target 123.65 support and below. However, sustained break of 125.28 will turn focus back to 126.79 resistance instead.

In the bigger picture, there is no confirmation of completion of the down trend from 137.49 (2018 high) yet. In case of an extension, break of 118.62 will target 109.03/114.84 long term support zone. However, break of 127.50 will solidify the case of medium term bullish reversal. Further decisive break medium term channel resistance will affirm reversal and target 133.12 key resistance and above.

EUR/JPY stayed in the corrective pattern from 139.99 last week and outlook is unchanged. Initial bias stays neutral this week first. On the downside, break of 132.63 will target 61.8% retracement of 124.37 to 139.99 at 130.33. On the upside, 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.

In the long term picture, focus stays on 137.49 resistance (2018 high). Sustained break there will raise the chance that whole rise from 94.11 (2012 low) is resuming through 149.76 resistance. This will be a slightly favored case for now, as long as 124.37 support holds.

Daily Pivots: (S1) 157.59; (P) 158.04; (R1) 158.38; More…

Intraday bias in EUR/JPY remains neutral for the moment. Risk will stay on the upside as long as 155.06 support holds. On the upside, above 158.97 will resume the rebound from 153.15 to 100% projection of 153.15 to 158.55 from 155.06 at 160.46.

In the bigger picture, price actions from 164.29 medium term top are tentatively seen as a correction to rise from 139.05 for now. As long as 148.48 resistance turned support holds (2022 high), larger up trend from 114.42 (2020 low) could still resume through 164.29 at a later stage.

Daily Pivots: (S1) 124.48; (P) 124.65; (R1) 124.84; More….

Intraday bias in EUR/JPY remains neutral at this point. On the upside, break of 125.09 resistance will extend the rebound from 118.62 to 55 day EMA (now at 126.59) and above. On the downside, break of 123.40 minor support will turn bias back to the downside for retesting 118.62 low instead.

In the bigger picture, medium term rebound from 109.03 (2016 low) has completed at 137.49 already, with corrective structure. Fall from 137.39 is possibly just the second leg of the corrective pattern from 109.03. Break of 133.12 resistance should start the third leg to 137.49 and above. Nevertheless, break of 118.62 will resume the down trend from 137.49 for 109.03/114.84 support zone instead.