Daily Pivots: (S1) 128.80; (P) 129.24; (R1) 130.03; More….

EUR/JPY is staying below 130.29 minor resistance despite today’s rebound. Intraday bias remains neutral first. Considering bullish convergence condition in 4 hour MACD, break of 130.29 will in turn suggest completion of fall from 133.12. In this case, intraday bias will be turned back to the upside for retesting 133.12 high. On the downside, break of 128.32 will target 127.85 support first. Break will confirm completion of rebound from 124.89 at 133.12 and bring retest of this low.

In the bigger picture, current development suggests that EUR/JPY could have 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 structural resistance will target 141.04/149.76 resistance zone next. This will be the preferred case as long as 127.85 near term support holds. However, break of 127.85 will turn focus back to 124.08 key support level.

EUR/JPY edged lower to 114.84 last week but drew support from 114.88 fibonacci level and recovered. Upside of recovery is limited below 118.23 support turned resistance so far. Thus, the bearish outlook is maintained. That is, rebound from 109.20 has completed at 124.08. Fall from 124.08 would resume to retest 109.20 low.

Initial bias in EUR/JPY remains neutral this week for consolidation above 114.84. Upside of recovery should be limited by 118.23 support turned resistance and bring another fall. Sustained break of 61.8% retracement of 109.20 to 124.08 at 114.88 will extend the decline from 124.08 to retest 109.20 low. However, firm break of 118.23 will indicate near term reversal and target 122.88 resistance instead.

In the bigger picture, medium term corrective rise from 109.20 should have completed at 124.08, ahead of 126.09 support turned resistance. Medium term down trend from 149.76 could be resuming. Break of 109.20 will target 94.11 low. In any case, break of 126.09 is needed needed to confirm medium term reversal. Otherwise, outlook will remain bearish in case of another rebound.

In the long term picture, medium term decline from 149.76 is seen as part of a long term sideway pattern from 88.96. Such decline is still in progress and could target 94.11 low. At this point, we’d look for loss of downside momentum above 94.11 to signal bottoming and reversal. This bearish view will hold as long as 126.09 resistance holds.

Daily Pivots: (S1) 162.42; (P) 163.03; (R1) 163.89; More….

Intraday bias in EUR/JPY remains neutral as consolidation from 164.29 is extending. Downside of retreat should be contained well above 159.75 resistance turned support to bring another rally. On the upside, break of 164.29 will resume larger up trend to 61.8% projection of 139.05 to 159.75 from 154.32 at 167.11.

In the bigger picture, rise from 114.42 (2020 low) is in progress. Next target is 169.96 (2008 high). On the downside, break of 159.75 resistance turned support is needed to be the first sign of medium term topping. Otherwise, outlook will remain bullish even in case of deep pullback.

Daily Pivots: (S1) 122.61; (P) 122.94; (R1) 123.23; More….

EUR/JPY’s fall from 127.07 is still in progress and intraday bias stays on the downside. Decisive break of 38.2% retracement of 114.42 to 127.07 at 122.23 will raise the chance that whole rise form 114.42 has completed. Deeper fall would be seen to 61.8% retracement at 119.25. On the upside, break of 124.31 resistance will argue that the decline has completed and turn bias back to the upside for rebound.

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 119.31 support holds.

Daily Pivots: (S1) 131.51; (P) 131.86; (R1) 132.49; More….

Intraday bias in EUR/JPY remains neutral first. Correction from 134.11 could still extend lower. Below 130.02 will target 38.2% retracement of 121.63 to 134.11 at 129.34. We’d expect strong support from there to bring rebound. On the upside, break of 132.63 should suggest that the correction has completed and bring retest of 134.11 high.

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) 136.08; (P) 136.48; (R1) 137.26; More….

Range trading continues in EUR/JPY and intraday bias remains neutral. Further rise is expected with 133.70 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 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) 127.16; (P) 127.65; (R1) 128.17; More….

Intraday bias in EUR/JPY stays neutral at the moment. While rebound from 124.61 might extend, upside should be limited by 128.94 support turned resistance to bring reversal. On the downside, , below 126.29 minor support will bring retest of 124.61 first. Break will resume whole 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 and firm break of the medium term channel support. Focus is now on 124.08 resistance turned support. Decisive break there will confirm this bearish case and target 61.8% retracement of 109.03 to 137.49 at 119.90 and below. This will be the preferred case as long as 128.94 support turned resistance holds.

Daily Pivots: (S1) 132.07; (P) 132.56; (R1) 132.86; More….

With 133.38 resistance intact, near term outlook in EUR/JPY remains bearish. Sustained trading below 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, deeper decline would be seen for 38.2% retracement at 128.38 first. However, rebound from 132.04 will retain near term bullishness. Break of 133.38 minor resistance will turn bias back to the upside for 137.49 again.

In the bigger picture, bearish divergence condition in weekly MACD indicates loss of medium term upside momentum. 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. Meanwhile, break of 137.49 will resume the up trend from 109.03 to 141.04/149.76 resistance zone.

Daily Pivots: (S1) 138.45; (P) 138.87; (R1) 139.51; More….

Intraday bias in EUR/JPY is turned neutral first as it recovered ahead of 137.37 support. Outlook will stay bearish as long as 142.84 resistance holds. Break of 137.37 will resume whole decline from 148.38 to 135.40 fibonacci level next.

In the bigger picture, as long as 55 week EMA (now at 138.64) 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) 119.53; (P) 120.18; (R1) 120.69; More…

EUR/JPY’s fall from 122.88 is still in progress and intraday bias stays on the downside for the moment. With a break of 120.01 minor support, the cross should now target 118.39/45 key cluster level again (38.2% retracement of 109.20 to 124.08 at 118.39). However, as such decline is viewed as part of the consolidation pattern from 124.08, we’d expect strong support from 118.39/45 to contain downside and bring rebound. On the upside, above 120.81 minor resistance will turn bias back to the upside for 122.88 and then 124.08.

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) 132.74; (P) 133.30; (R1) 133.65; More….

EUR/JPY ist still bounded in n range of 131.65/134.48 and intraday bias remains neutral at this point. On the upside, decisive break of 134.39/48 resistance zone will confirm medium term up trend resumption. In that case, 141.04 resistance will be the next time. On the downside, though, decisive break of 131.65 will confirm rejection from 134.20 fibonacci level and confirm near term reversal. And, in such case, intraday bias will be turned to the downside for 127.55 key support level.

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.

Daily Pivots: (S1) 131.62; (P) 132.37; (R1) 132.74; More….

Intraday bias in EUR/JPY remains neutral for the moment. As noted before, decisive break of 134.39/48 resistance zone is needed to confirm up trend resumption. Otherwise, even in case of rebound, near term outlook is neutral at best. On the downside, decisive break of 131.65 will confirm rejection from 134.20 fibonacci level and confirm near term reversal. And, in such case, intraday bias will be turned to the downside for 127.55 key support level.

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.

Daily Pivots: (S1) 120.63; (P) 121.15; (R1) 121.54; More…

As noted before, EUR/JPY’s break of 120.90 support indicates near term reversal. That is, the corrective rebound from 109.20 is likely completed at 124.08, ahead of 126.09 key resistance. Intraday bias stays on the downside for 118.45 cluster support (38.2% retracement of 109.20 to 124.08 at 118.39). 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.

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Daily Pivots: (S1) 131.52; (P) 131.82; (R1) 132.08; More….

Outlook in EUR/JPY remains unchanged. Corrective rise 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 132.53 minor resistance will delay the bearish case. Intraday bias would be turned to the upside to extend the rebound from 128.94. Still, 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.

Daily Pivots: (S1) 131.70; (P) 131.93; (R1) 132.23; More….

Intraday bias in EUR/JPY remains neutral for the moment. As noted before, corrective pattern from 134.11 should have completed three waves down to 127.36. Firm break of 132.11 will bring retest of 133.44/134.11 resistance zone. Decisive break there will resume larger up trend from 114.42. In case of deeper pull back, downside should be contained well above 128.23 support to bring another rally.

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) 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) 147.67; (P) 148.09; (R1) 148.56; More….

No change in EUR/JPY’s outlook and intraday bias stays neutral. Further decline is in favor as long as 149.25 resistance holds. Sustained trading below 55 D EMA (now at 146.01) will bring deeper pull back to 61.8% retracement of 139.05 to 151.60 at 143.84. On the upside, though, firm break of 149.25 will turn bias back to the upside for retesting 151.60 high instead.

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) 134.20; (P) 135.68; (R1) 136.45; More….

EUR/JPY’s fall from 134.70 accelerates to as low as 133.96 so far. Breaching of 134.12 support suggests that a short term top is already in place. Considering bearish divergence condition in daily MACD, near term trend could have reversed too. Intraday bias is now on the downside for 132.04 cluster support first (23.6% retracement of 114.84 to 137.49 at 132.14). On the the upside, above 135.29 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) 135.06; (P) 135.35; (R1) 135.80; More….

Intraday bias in EUR/JPY remains neutral and more consolidation would be seen in range of 133.03/136.63. But after all, outlook stays bullish with 133.03 support intact. 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.

Daily Pivots: (S1) 159.42; (P) 159.88; (R1) 160.54; More…

Intraday bias in EUR/JPY stays neutral at this point, and outlook is unchanged. While deeper retreat cannot be ruled out, further rally is expected as long as 158.55 resistance turned support holds. On the upside, break of 160.91 minor resistance will argue that rise from 153.15 is ready to resume through 161.84. Nevertheless, firm break of 158.55 will dampen this view and turn bias back to the downside instead.

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 148.48 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.