Daily Pivots: (S1) 169.36; (P) 169.63; (R1) 170.12; More…

Intraday bias in EUR/JPY remains neutral for the moment. On the upside break of 170.12 resistance will argue that pull back from 170.87 has completed at167.52, after drawing support from 55 D EMA. Intraday bias will be back on the upside for 170.87 and then 171.58 high.

In the bigger picture, as long as 55 W EMA (now at 159.83) holds, price actions from 171.58 medium term top are seen as as correcting the rise from 153.15 only. That is, larger up trend remains in favor to continue as a later stage. However, sustained break of 55 W EMA will argue that larger scale correction is underway and target 153.15 support.

Daily Pivots: (S1) 125.58; (P) 126.52; (R1) 128.32; More…

EUR/JPY retreats after hitting 127.84. A temporary top is likely formed and intraday bias is turned neutral first. Downside of consolidation should be contained by 124.64 support to bring another rally. Above 127.84 will extend the rise from 114.84 to 61.8% projection of 114.84 to 125.80 from 122.39 at 129.16 first. That’s also close to medium term projection level at 129.89.

In the bigger picture, the break of 126.09 support turned resistance should have confirmed completion of down trend form 149.76 (2014 high), at 109.03 (2016 low). Current rise from 109.03 should target 100% projection of 109.03 to 124.08 from 114.84 at 129.89 first. Break there will pave the way to 61.8% retracement of 149.76 to 109.03 at 134.20 and above. Medium term outlook will now remain bullish as long as 122.39 support holds.

Daily Pivots: (S1) 128.08; (P) 128.38; (R1) 128.71; More….

EUR/JPY’s consolidation from 127.49 is still in progress and intraday bias remains neutral. On the downside, break of 127.49 will target 126.63 support first. Break there will then resume the whole decline from 133.12 to 124.08/89 support zone. And, even in case of recovery, outlook will stay bearish as long as 130.14 resistance holds.

In the bigger picture, as long as 124.08 key resistance turn supported holds, larger up trend from 109.03 (2016 low) could still resume. 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) 121.86; (P) 122.40; (R1) 122.69; More…

EUR/JPY is staying in the consolidation from 124.08 and intraday bias remains neutral. Further rally is in favor as long as 120.90 support holds. Above 124.08 will target 126.09 key resistance next. As rise from 109.20 is still seen as a corrective pattern, we’d be cautious on topping around 126.09. Meanwhile, break of 120.90 will indicate short term topping and turn bias to the downside for 55 days EMA (now at 120.33) and below.

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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Despite recovering to 129.62, EUR/JPY’s subsequent sharp fall retains near term bearishness. Initial bias is now on the downside this week for 127.36 support first. Break there will resume larger pattern from 134.11 and target 126.58 medium term fibonacci level. On the upside, above 129.62 will turn bias back to the upside to bring another rebound.

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.

In the long term picture, EUR/JPY is staying in long term sideway pattern, established since 2000. Long term outlook will remain neutral until breakout from the range of 109.03/137.49.

EUR/JPY Daily Outlook

Daily Pivots: (S1) 122.42; (P) 122.87; (R1) 123.51; More…

EUR/JPY is staying in the consolidation pattern from 124.08 and intraday bias remains neutral. On the upside, break of 124.08 will extend the larger rally from 109.20 to 126.09 key resistance next. On the downside below 120.54 will bring another fall. But in that case, downside should be contained by 118.45 cluster support (38.2% retracement of 109.20 to 124.08 at 118.39) and bring rebound.

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.

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Daily Pivots: (S1) 131.44; (P) 132.27; (R1) 132.73; More….

Near term outlook remains bearish with 133.38 resistance intact. 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) 123.55; (P) 123.85; (R1) 124.37; More….

EUR/JPY’s fall from 127.07 resumes after brief consolidation and hits as low as 122.51. Intraday bias is back on the downside for 38.2% retracement of 114.42 to 127.07 at 122.23. Decisive break there 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) 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.

EUR/JPY recovered strongly last week but failed to break through 132.63 support turned resistance decisively. Initial bias remains neutral this week 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.

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) 157.95; (P) 158.21; (R1) 158.65; More….

EUR/JPY is still bounded in range trading and intraday bias remains neutral. On the downside, break of 156.85 will turn bias back to the downside deeper fall towards 151.39 support. On the upside, break of 159.75 will resume larger up trend instead.

In the bigger picture, rise from 114.42 (2020 low) is in progress. Next target is 100% projection of 124.37 to 148.38 from 139.05 at 163.06. Sustained break there will pave the way to retest long term resistance at 169.96. This will remain the favored case as long as 151.39 support holds, even in case of deep pull back.

Daily Pivots: (S1) 131.16; (P) 131.50; (R1) 131.94; More….

EUR/JPY recovered after drawing support from 4 hour 55 EMA, but stays below 132.25. Intraday bias remains neutral first. In case of another fall, downside should be contained well above 129.57 support to bring rise resumption. On the upside, break of 132.35 will target 100% projection of 114.42 to 127.07 from 121.63 at 134.28.

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) 138.78; (P) 139.59; (R1) 141.12; More….

EUR/JPY’s consolidation from 1 37.32 is still in progress and intraday bias stays neutral. On the downside, break of 137.32 will resume the decline from 145.62 to 133.38 key support next. On the upside, though, break of 142.28 will turn bias back to the upside for retesting 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 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) 170.60; (P) 171.03; (R1) 171.76; More…

Intraday bias in EUR/JPY is turned neutral with current retreat. Some consolidations could be seen first but further rally will remain in favor as long as 169.31 support hold, for 61.8% projection of 164.01 to 170.87 from 167.52 at 171.75. However, firm break of 169.31 will turn bias back to the downside for 167.52 support instead.

In the bigger picture, strong support from 55 D EMA indicates that the long term up trend is still in progress. Decisive break of 171.58 will confirm resumption and target 100% projection of 139.05 to 164.29 from 153.15 at 178.38. For now outlook will stay bullish as long as 164.01 support holds, even in case of deep pullback.

Daily Pivots: (S1) 135.34; (P) 136.13; (R1) 137.31; More….

Intraday bias in EUR/JPY stays neutral at this point. Overall, it’s staying in the corrective pattern from 144.26. On the upside, above 138.38 will resume the rebound from 138.38. On the downside, below 134.93 will turn bias back to the downside for 133.38 support.

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) 130.83; (P) 131.15; (R1) 131.66; More….

As long as 129.90 minor support holds, further rally is expected in EUR/JPY. Current rise from 124.61 should target 100% projection of 124.61 to 130.33 from 127.13 at 132.85 next. However, break of 129.90 will indicate short term topping and turn focus back to 127.13 support instead.

In the bigger picture, for now, EUR/JPY is holding above 124.08 key resistance turned support. Fall from 137.49 could be proven to be a correction. Decisive break of 133.47 resistance will confirm its completion and should extend the rise from 109.03 (2016 low) through 137.49 high. However, firm break of 124.08 will confirm trend reversal. That is, whole rise from 109.03 (2016 low) has completed at 137.49 already. In that case, deeper fall should be seen back to 61.8% retracement of 109.03 to 137.49 at 119.90 and below.

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.

Daily Pivots: (S1) 149.49; (P) 149.96; (R1) 150.28; More….

Intraday bias in EUR/JPY remains neutral for the moment. On the downside, below 148.58 will extend the corrective pattern from 151.60 with another falling leg. Deeper fall would be seen to 146.12 support and possibly below. On the upside, however, above 151.05 will target 151.60 high. Firm break there will resume larger up trend to 153.64 projection level.

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.

EUR/JPY dropped sharply to as low as 124.27 last week but recovered since then. Initial bias is turned neutral this week first, with focus on 124.23 cluster support (38.2% retracement of 118.62 to 127.50 at 124.10). Decisive break there should confirm completion of whole rebound from 118.61. Deeper fall should at least be seen to 61.8% retracement at 122.01 and below. In this case, the chance of resuming larger down trend will also increase. On the upside, though, break of 125.34 minor resistance after defending 124.10/23 will retain near term bullishness. Intraday bias will be turned back to the upside for retesting 127.50 first.

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 in such case, the down trend from 137.49 could possibly resume through 118.62.

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 and could have completed. Break of 133.12 resistance will likely send EUR/JPY through 137.49 towards 149.76 (2014 high).

Daily Pivots: (S1) 180.53; (P) 181.41; (R1) 182.62; More…

Intraday bias in GBP/JPY stays mildly on the upside for retesting 183.99 high first. Firm break there will resume larger up trend to 187.36 projection level. On the downside, however, break of 179.45 will extend the pull back to 55 D EMA (now at 177.01).

In the bigger picture, as long as 172.11 resistance turned support holds, up trend from 123.94 (2020 low) is expected to continue. On resumption, next target is 138.2% projection of 148.93 to 172.11 from 155.33 at 187.36, and then 195.86 (2015 high). Nevertheless, firm break of 172.11 will argue that larger correction is already underway.