Daily Pivots: (S1) 121.52; (P) 121.94; (R1) 122.29; More…..

Intraday bias in EUR/JPY stays on the downside at this point. Correction from 124.43 short term top would extend to 38.2% retracement of 114.42 to 124.43 at 120.60. Some support could be seen there to bring rebound. On the upside, break of 124.43 will resume the rise from 114.42.

In the bigger picture, the firm break of 122.87 resistance suggests that whole down trend from 137.49 (2018 high) has completed at 114.42. Current rally should now 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 118.45) holds.

EUR/JPY edged higher to 130.45 last week but failed to break through 130.73 resistance and retreated sharply. Initial bias is mildly on the downside for retesting 127.91 support. Firm break there will resume the whole decline from 134.11 to 127.07 resistance turned support next. On the upside, though, break of 130.73 resistance will argue that correction from 134.11 has completed and turn near term outlook bullish for retesting this high.

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.

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.

EUR/JPY recovered further last week as consolidations from 120.78 extended. Further rise could be seen initially this week. But upside should be limited by 123.73 resistance to bring larger fall resumption. On the downside, below 121.65 minor support will turn bias to the downside for 120.78 low. Decisive break there will resume the decline from 127.50 and target 118.62 low next.

In the bigger picture, down trend from 137.49 is still in progress with the cross staying inside long term falling channel. Break of 118.62 will extend the fall to 109.48 (2016 low). On the upside, break of 127.50 resistance is needed to be the first sign of medium term reversal. Otherwise, outlook will remain bearish in case of strong rebound.

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. Break of 118.62 will extend this falling leg through 109.48 (2016 low). With EUR/JPY staying below 55 month EMA, this is now the preferred case.

Daily Pivots: (S1) 143.73; (P) 146.06; (R1) 148.00; More….

Intraday bias in EUR/JPY remains neutral for consolidation below 148.38 short term top. Downside of retreat should be contained by 140.88/144.06 support zone to bring another rally. Break of 148.38 will resume larger up trend to 100% projection of 133.38 to 145.62 from 137.32 at 149.56, which is close to 149.76 long term resistance.

In the bigger picture, the up trend from 114.42 (2020 low) is still in progress for 149.76 (2014 high). Decisive break there will pave the way to 161.8% projection of 114.42 to 134.11 from 124.37 at 156.22. This will now remain the favored case as long as 137.32 support holds.

EUR/JPY stayed in range of 131.69/134.39 last week and outlook is unchanged. But it’s getting more likely that 134.39 is a medium term top and a downside breakout could be seen soon. Initial bias remains neutral this week with focus on 131.69 support. Decisive break there will an early sign of medium term reversal and will target 127.55 key support level. On the upside, firm break of 134.39 is needed to confirm up trend resumption. Otherwise, more corrective trading would be seen.

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 reversal and will turn outlook bearish for deeper fall.

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.

Daily Pivots: (S1) 167.00; (P) 167.38; (R1) 168.01; More…

Intraday bias in EUR/JPY stays on the upside for the moment. Rebound from 164.01 is seen as the second leg of the corrective pattern from 171.58. Further rise would be seen to 168.64 resistance. On the downside, below 165.63 minor support will turn intraday bias neutral again first.

In the bigger picture, a medium top could be formed at 171.58 after brief breach of 169.96 (2008 high). As long as 55 W EMA (now at 157.82) holds, fall from there is seen as correcting the rise from 153.15 only. However, sustained break of 55 W EMA will argue that larger scale correction is underway and target 153.15 support.

Daily Pivots: (S1) 117.77; (P) 118.27; (R1) 118.54; More…

With 119.31 support turned resistance intact, deeper fall is expected in EUR/JPY. Current development suggests that medium term rise from 109.20 has completed at 124.08 already. Below 117.42 will target 61.8% retracement of 109.20 to 124.08 at 114.88 next. Nonetheless, sustained break of 119.31 will turn focus back to 120.43 resistance instead.

In the bigger picture, the firm break of 38.2% retracement of 109.20 to 124.08 at 118.39 indicates that medium term rise from 109.20 is completed at 124.08. That’s well below 126.09 key support turned resistance. Also, EUR/JPY failed to sustain above 55 week EMA. Deeper decline would now be seen back to 109.20 low. Overall, the down trend from 149.76 (2014 high) is not completed yet. Break of 109.20 will resume such down trend towards 94.11 low. In any case, break of 126.09 is needed needed to confirm medium term reversal.

Daily Pivots: (S1) 140.52; (P) 141.66; (R1) 142.51; More….

The break of 139.99 resistance turned support suggests that deeper correction is underway. Intraday bias is now on the downside for 55 day EMA (now at 136.85). Break there will bring further decline to 132.63 support. On the upside, above 141.77 minor resistance will turn bias back to the upside for 144.23 again.

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). Sustained trading above 100% projection of 114.42 to 134.11 from 124.37 at 144.06 will indicate upside acceleration and target 149.76 long term resistance (2014 high). In any case, outlook will now remain bullish as long as 132.63 support holds, in case of deep pull back.

Daily Pivots: (S1) 170.95; (P) 171.33; (R1) 171.73; More…

EUR/JPY is staying above 169.98 despite today’s fall. Intraday bias remains neutral first, and further decline is expected as long as 172.91 resistance holds. Below 169.98 will target 38.2% retracement of 153.15 to 175.41 at 166.90, as a correction to whole rise from 153.15. On the upside, though, break of 172.91 resistance will revive near term bullishness and bring retest of 175.41 high.

In the bigger picture, medium term outlook will stay bullish as long as 164.29 resistance turned support holds. Long term up trend is still in favor to continue through 175.41 at a later stage. However, firm break of 164.29 will be a strong sign of bearish trend reversal.

Daily Pivots: (S1) 116.49; (P) 117.15; (R1) 117.80; More…

EUR/JPY’s rebound from 114.84 extended higher but at this point, it’s kept below 118.23 support turned resistance. Hence, intraday bias stays neutral at this point and outlook remains bearish. Below 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 is likely 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.

Daily Pivots: (S1) 128.61; (P) 128.89; (R1) 129.36; More….

Intraday bias in EUR/JPY remains on the downside for the moment. Consolidation pattern from 134.11 is extending with another leg. Deeper decline would be seen to 127.36, and possibly further to 126.58 fibonacci level. On the upside, above 130.07 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 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) 135.00; (P) 135.84; (R1) 136.78; More….

Intraday bias in EUR/JPY remains neutral as consolidation from 137.50 is extending. Overall, further rally is expected with 133.70 minor 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 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) 121.26; (P) 121.69; (R1) 122.45; More….

Intraday bias in EUR/JPY is mildly on the upside for the moment. Consolidation from 120.78 is in progress with rise from 120.95 as the third leg. Upside should be limited below 123.73 resistance to bring fall resumption eventually. On the downside, firm break of 120.78 will resume the decline from 127.50 and target 118.62 low next.

In the bigger picture, down trend from 137.49 is still in progress with the cross staying inside long term falling channel. Break of 118.62 will extend the fall to 109.48 (2016 low). On the upside, break of 127.50 resistance is needed to be the first sign of medium term reversal. Otherwise, outlook will remain bearish in case of strong rebound.

Daily Pivots: (S1) 121.76; (P) 121.98; (R1) 122.33; More….

No change in EUR/JPY’s outlook and intraday bias remains neutral first. We’re still favoring the case that consolidation from 120.78 has completed with three waves to 123.35. Below 121.31 will target retest of 120.78 first. Break will resume fall from 127.50 to 118.62 low. In case of another rise as consolidation from 120.78 extends, upside should be limited by 123.73 resistance to bring fall resumption eventually.

In the bigger picture, down trend from 137.49 is still in progress with the cross staying inside long term falling channel. Break of 118.62 will extend the fall to 109.48 (2016 low). On the upside, break of 127.50 resistance is needed to be the first sign of medium term reversal. Otherwise, outlook will remain bearish in case of strong rebound.

Daily Pivots: (S1) 130.97; (P) 132.02; (R1) 133.46; More…

Intraday bias in EUR/JPY remains on the upside for the moment. Current medium term rise should target 134.20 fibonacci level next. Firm break there will pave the way to 141.04 resistance next. On the downside, break of 130.60 support is needed to indicate short term topping. Otherwise outlook will remain bullish in case of retreat.

In the bigger picture, current rise from 109.03 is seen as at the same degree as the down trend from 149.76 (2014 high) to 109.03 (2016 low). as long as 124.08 resistance turned support holds, further rise is expected to 61.8% retracement of 149.76 to 109.03 at 134.20. Sustained break there will pave the way to key long term resistance zone at 141.04/149.76. ON the downside, break of 127.55 support is needed to be the first signal of medium term reversal. Otherwise, outlook will remain bullish.

Daily Pivots: (S1) 122.58; (P) 122.89; (R1) 123.41; More….

Intraday bias in EUR/JPY is turned neutral again with today’s recovery. But as long as 124.31 resistance holds, further decline is expected. Sustained break of 38.2% retracement of 114.42 to 127.07 at 122.23 will extend the fall from 127.07 to 61.8% retracement at 119.25, which is close to 119.31 key support.

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) 125.65; (P) 126.08; (R1) 126.38; More….

Intraday bias in EUR/JPY remains neutral as consolidation from 126.68 is still extending. Another rise is expected as long as 125.13 resistance turned support holds. On the upside, decisive break of 127.07 will resume whole rise from 114.42. Next target will be 128.67 medium term fibonacci level. On the downside, however, break of 125.13 resistance turned support will turn bias to the downside, to extend the consolidation from 127.07 with another falling 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 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. Sustained trading above there will target 137.49 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) 138.20; (P) 138.82; (R1) 139.71; More….

EUR/JPY recovered ahead ahead of 137.37 support and intraday bias is turned neutral. On the downside, firm break of 137.37 will resume whole decline from 148.38 to 135.40 fibonacci level next. However, firm break of 142.84 will argue that the correction from 148.38 has completed, and bring stronger rise back to 146.71 resistance.

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) 117.19; (P) 117.60; (R1) 117.86; More….

Intraday bias in EUR/JPY remains mildly on the downside for the moment. rebound from 115.86 should have completed at 120.01. Deeper fall should be seen to retest 115.86 first. On the upside, above 118.47 minor resistance will turn bias back to the upside for 120.01 resistance instead.

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) 161.86; (P) 162.27; (R1) 162.59; More…

EUR/JPY’s rally from 160.20 accelerates higher today and intraday bias stays on the upside for 163.70 resistance. Decisive break there will resume larger rally from 153.15 for 164.29 high. On the downside, below 161.94 minor support will delay the bullish case and turn intraday bias neutral first. But outlook will stay bullish as long as 160.20 support holds.

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).