EUR/JPY edged higher to 134.48 last week but failed to sustain above 134.39 resistance and retreated sharply. Initial bias remains neutral this week with focus on 131.65 support. Decisive break there will confirm rejection from 134.20 fibonacci level. That will also complete and double top pattern and confirms near term reversal. 55 day EMA will also be firmly taken out. In that case, deeper decline should be seen back to 127.55 key support. Meanwhile, decisive break of 134.39/48 resistance zone will confirm up trend resumption. In such case, EUR/JPY should target 141.04 long term resistance.

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.

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) 129.51; (P) 129.78; (R1) 130.33; More….

EUR/JPY’s up trend resumed by breaking 129.96 and hits as high as 130.29 so far. Intraday bias is back on the upside. Current rise from 121.63 should target 100% projection of 121.63 to 127.48 from 125.07 at 130.92 next. On the downside, break of 129.02 minor support will turn bias neutral again first.

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).

Daily Pivots: (S1) 129.98; (P) 130.54; (R1) 130.85; More….

EUR/JPY drops notably after rejection by 131.02 resistance and 4 hour 55 EMA. But downside stays above 129.60 support. Intraday bias remains neutral first. On the upside, firm break of 131.02 resistance will argue that corrective fall from 134.11 might have completed with three waves down to 129.60 already, on bullish convergence condition in 4 hour MACD. Intraday bias will be turned back to the upside for 132.68 resistance and above. On the downside, break of 129.60 will resume the the correction. But 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) 141.80; (P) 142.28; (R1) 143.17; More….

Intraday bias in EUR/JPY remains neutral for the moment. On the upside, decisive break of 144.23 will resume larger up trend. On the downside, below 141.39 minor support will bring deeper fall, to extend the corrective pattern from 144.23.

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) 122.92; (P) 123.32; (R1) 124.02; More…

Intraday bias in EUR/JPY remains neutral as the consolidation from 125.80 is still extending. Deeper pull back cannot be ruled out. 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. Nonetheless, firm break of 121.61 will dampen our bullish view and bring deeper fall to 61.8% retracement at 119.02.

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.

Daily Pivots: (S1) 133.68; (P) 134.03; (R1) 134.66; More…

Intraday bias in EUR/JPY remains neutral for the moment. More consolidations could be seen. But outlook remain bullish as long as 131.69 resistance turned support holds. Sustained break of 134.20 fibonacci level will target 141.04 resistance next.

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). 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. 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) 131.53; (P) 131.88; (R1) 132.08; More….

Intraday bias in EUR/JPY remains neutral for the moment. On the downside, break of 131.21 support will likely extend the correction from 134.11 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. On the upside, break of 132.68 will bring retest of 134.11 high instead.

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) 142.73; (P) 143.09; (R1) 143.31; More….

Intraday bias in EUR/JPY stays on the upside at this point. Correction from 148.38 should have completed at 137.37 already. Further rise should be seen to 146.71 resistance next. On the downside, though, below 142.33 minor support will dampen this bullish view, and turn intraday bias neutral again.

In the bigger picture, as long as 55 week EMA (now at 138.87) 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) 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) 171.74; (P) 172.10; (R1) 172.73; More…

EUR/JPY’s rally continues today and intraday bias stays on the upside. Next target is 100% projection of 164.01 to 170.87 from 167.52 at 174.38. On the downside, below 171.36 minor support will turn intraday bias neutral and bring consolidations first. But outlook will remain bullish as long as 170.87 resistance turned support holds.

In the bigger picture, long term up trend is still in progress. Next target is 100% projection of 139.05 to 164.29 from 153.15 at 178.38. For now outlook will stay bullish as long as 167.52 support holds, even in case of deep pullback.

Daily Pivots: (S1) 125.81; (P) 126.08; (R1) 126.45; More….

EUR/JPY is still bounded in consolidation from 126.74 and intraday bias remains neutral at this point. Further rally is expected with 125.13 resistance turned support intact. On the upside, 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) 129.87; (P) 130.22; (R1) 130.84; More….

Intraday bias in EUR/JPY remains neutral for the moment. Further rise is in favor as long as 129.56 support holds. On the upside, firm break of 130.95 will resume larger rise from 114.42 to 100% projection of 114.42 to 127.07 from 121.63 at 134.28. However, on the downside, break of 129.56 support would turn bias to the downside for deeper correction to 128.28 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 127.07 resistance turned support holds. 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).

Daily Pivots: (S1) 131.52; (P) 131.69; (R1) 131.84; More….

EUR/JPY’s break of 131.21 support suggests that rebound from 130.02 has completed. Intraday bias is back on the downside for 130.02 support and below. Price actions from 134.11 is seen as a correction to rise from 121.63. Downside should be contained by 38.2% retracement of 121.63 to 134.11 at 129.34 to bring rebound. On the upside, break of 132.68 resistance will bring retest of 134.11 high instead.

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) 129.85; (P) 130.11; (R1) 130.56; More….

Intraday bias in EUR/JPY remains on the upside for 130.73 resistance. Firm break there will argue that correction from 134.11 has completed and turn near term outlook bullish for retesting this high. On the downside, break of 129.36 minor support will turn bias back to the downside for retesting 127.91 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) 117.59; (P) 117.88; (R1) 118.08; More….

EUR/JPY’s break of 117.55 minor support suggests that rebound form 115.86 has completed at 120.01 already. Intraday bias is now back on the downside for retesting 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) 130.08; (P) 130.41; (R1) 130.64; More….

Intraday bias in EUR/JPY remains neutral for some consolidations, but further rise is expected with 129.14 minor support intact. Corrective fall from 134.11 could have completed at 127.91 already. On the upside, break of 130.73 will resume the rebound from 127.91 to 132.68 resistance next. However, break of 129.14 will dampen this bullish view and bring retest of 127.91 low 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) 122.04; (P) 122.69; (R1) 123.03; More….

EUR/JPY is staying in consolidation from 120.78 and intraday bias remains neutral first. Another rise cannot be ruled out. 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.

Daily Pivots: (S1) 121.22; (P) 121.64; (R1) 122.07; More…

Intraday bias in EUR/JPY remains neutral as consolidation from 122.88 temporary top continues. Such consolidation could extend further. But downside should be contained by 121.18 resistance turned support and bring another rally. Above 122.88 will target 124.08. Decisive break there will extend larger rise from 109.20 and target 126.09 key resistance next. However, firm break of 121.18 will likely extend the whole corrective pattern fro 124.08 with another falling leg towards 118.23 low again.

In the bigger picture, current development suggests that medium term rise from 109.20 is still in progress. Focus is now 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 will extend the fall from 149.76 through 109.209 low.

Daily Pivots: (S1) 128.39; (P) 128.78; (R1) 129.25; More…

No change in EUR/JPY’s outlook. The decline from 131.39 is still in progress. Such decline is seen as correcting whole rise from 141.84 with break of channel support. Deeper decline would be seen to 38.2% retracement of 114.84 to 131.39 at 125.05 before completion. On the upside, break of 130.38 resistance is needed to confirm completion of the pull back. Otherwise, deeper decline is expected even in case of recovery.

In the bigger picture, the down trend from 149.76 (2014 high) is completed at 109.03 (2016 low). Current rally from 109.03 should be at the same degree as the fall from 149.76 to 109.03. 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. Medium term outlook will remain bullish as long as 124.08 resistance turned support holds. However, firm break of 124.08 will argue that rise from 109.03 is completed and turn outlook bearish.

Daily Pivots: (S1) 130.87; (P) 131.19; (R1) 131.80; More….

EUR/JPY’s break of 130.95 confirms up trend resumption. Intraday bias is now back on the upside. Rise form 114.42 should now target 100% projection of 114.42 to 127.07 from 121.63 at 134.28. On the downside, break of 129.57 support is needed to indicate short term topping. Otherwise, outlook will remain bullish in case of retreat.

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 127.07 resistance turned support holds. 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).