Daily Pivots: (S1) 124.30; (P) 125.80; (R1) 126.99; More….

EUR/JPY’s strong rebound today suggests temporary bottoming at 124.61. That came after meeting 100% projection of 137.49 to 128.94 from 133.47 at 124.92. Intraday bias is turned neutral first and some consolidations could be seen. While further recovery could be seen, near term outlook will remain bearish as long as 128.94 support turned resistance holds. Below 124.71 will resume the 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 current downside acceleration, as well as the break of 38.2% retracement of 109.03 to 137.49 at 126.61. Deeper decline should be seen to 61.8% retracement at 119.90 and below. This will be the preferred case as long as 128.94 support turned resistance holds.

Daily Pivots: (S1) 124.30; (P) 125.80; (R1) 126.99; More….

EUR/JPY reached as low as 124.61 so far and breached 100% projection of 137.49 to 128.94 from 133.47 at 124.92. There is no sign of bottoming yet despite oversold condition in both 4 hour and daily RSI. Intraday bias remains on the downside. Sustained trading below 124.92 will pave the way to 161.8% projection at 119.63 next. On the upside, above 126.83 minor resistance will turn intraday bias neutral and bring consolidation first. But near term outlook will remain bearish as long as 128.94 support turned resistance holds.

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 current downside acceleration, as well as the break of 38.2% retracement of 109.03 to 137.49 at 126.61. Deeper decline should be seen to 61.8% retracement at 119.90 and below. This will be the preferred case as long as 128.94 support turned resistance holds.

Daily Pivots: (S1) 126.52; (P) 127.53; (R1) 128.19; More….

EUR/JPY’s decline accelerates to as low as 125.09 so far today and takes out 126.61 medium term fibonacci level decisively. And, 100% projection of 137.49 to 128.94 from 133.47 at 124.92 is almost met without sign of bottoming. Intraday stays on the downside and break of 124.92 will target 161.8% projection at 119.63 next. On the upside, above 126.83 minor resistance will turn intraday bias neutral first.

In the bigger picture, bearish divergence in daily MACD and current strong downside momentum is raising the chance of medium term trend reversal. Sustained break of 38.2% retracement of 109.03 to 137.49 at 126.61 now argues that whole up trend from 109.03 has completed at 137.49 already. And, deeper decline would be seen to 61.8% retracement at 119.90 and below. This will now be the preferred case as long as 128.94 support turned resistance holds.

Daily Pivots: (S1) 126.86; (P) 127.70; (R1) 128.25; More….

EUR/JPY’s decline resumed after brief recovery and intraday bias is back on the downside. Current fall should now target 126.61 medium term fibonacci level. Based on current momentum, EUR/JPY will likely dive through this level to 100% projection of 137.49 to 128.94 from 133.47 at 124.92. On the upside, above 128.52 minor resistance will turn intraday bias neutral again. But after all, near term outlook will remain bearish as long as 129.22 support turned resistance holds and further fall is expected ahead.

In the bigger picture, bearish divergence in daily MACD and current strong downside momentum is raising the chance of medium term trend reversal. Sustained break of 38.2% retracement of 109.03 to 137.49 at 126.61 will argue that whole up trend from 109.03 has completed at 137.49 already. And, deeper decline would be seen to 61.8% retracement at 119.90 and below. Though, strong support from 126.61 and rebound from there would revive medium term bullish for another high above 137.49.

Daily Pivots: (S1) 126.86; (P) 127.70; (R1) 128.25; More….

A temporary low is in place at 127.14 in EUR/JPY and intraday bias is turned neutral first. Some consolidations could be seen. but outlook will stay bearish as long as 131.34 resistance holds. On the downside, below 127.14 will resume the fall from 133.47 to 126.61 medium term fibonacci level. But based on current momentum, EUR/JPY could dive through this level to 100% projection of 137.49 to 128.94 from 133.47 at 124.92.

In the bigger picture, bearish divergence in daily MACD and current strong downside momentum is raising the chance of medium term trend reversal. Sustained break of 38.2% retracement of 109.03 to 137.49 at 126.61 will argue that whole up trend from 109.03 has completed at 137.49 already. And, deeper decline would be seen to 61.8% retracement at 119.90 and below. Though, strong support from 126.61 and rebound from there would revive medium term bullish for another high above 137.49.

EUR/JPY’s fall from 137.49 resumed last week and dived to as low as 127.14. There is no clear sign of bottoming yet. Initial bias remains on the downside this week for 126.61 medium term fibonacci level. But based on current momentum, EUR/JPY could dive through this level to 100% projection of 137.49 to 128.94 from 133.47 at 124.92. On the upside, above 128.52 minor resistance will turn intraday bias neutral first. But near term outlook will remain bearish as long as 131.34 resistance holds, even in case of recovery.

In the bigger picture, bearish divergence in daily MACD and current strong downside momentum is raising the chance of medium term trend reversal. Sustained break of 38.2% retracement of 109.03 to 137.49 at 126.61 will argue that whole up trend from 109.03 has completed at 137.49 already. And, deeper decline would be seen to 61.8% retracement at 119.90 and below. Though, strong support from 126.61 and rebound from there would revive medium term bullish for another high above 137.49.

In the long term picture, at this point, EUR/JPY is staying in long term sideway pattern, established since 2000. Rise from 109.03 is seen as a leg inside the pattern. As long as 124.08 support holds, further rally is in favor in medium to long term through 149.76 high. However, break of 124.08 could extend the fall through 109.03 low instead.

Daily Pivots: (S1) 127.55; (P) 128.21; (R1) 128.71; More….

With 129.05 minor resistance intact, deeper fall is expected in EUR/JPY for 126.61 medium term fibonacci level. We’ll be looking for strong support from 126.61 to contain downside and bring rebound. On the upside, above 129.22 support turned resistance is the first sign of short term bottoming. In that case, bias will be turned back to the upside for 131.34 resistance first.

In the bigger picture, for now, price actions from 137.49 are viewed as a corrective pattern only. Hence, while deeper decline would be seen, strong support is expected at 38.2% retracement of 109.03 to 137.49 at 126.61 to contain downside and bring rebound. Up trend from 109.03 (2016 low) is expected to resume afterwards. Though, sustained break of 126.61 will be an important sign of trend reversal and will turn focus to 124.08 resistance turned support.

Daily Pivots: (S1) 127.71; (P) 129.27; (R1) 130.32; More….

EUR/JPY’s decline continues today and reaches as low as 127.96 so far. 61.8% projection of 137.49 to 128.94 from 133.47 at 128.18 is met but there is no sign of bottoming yet. Intraday bias remains on the downside for 126.61 medium term fibonacci level. We’ll be aware of strong support from 126.61 to contain downside and bring rebound. On the upside, above 129.05 minor resistance will turn intraday bias neutral first. But near term outlook will stay bearish as long as 131.34 resistance holds.

In the bigger picture, for now, price actions from 137.49 are viewed as a corrective pattern only. Hence, while deeper decline would be seen, strong support is expected at 38.2% retracement of 109.03 to 137.49 at 126.61 to contain downside and bring rebound. Up trend from 109.03 (2016 low) is expected to resume afterwards. Though, sustained break of 126.61 will be an important sign of trend reversal and will turn focus to 124.08 resistance turned support.

Daily Pivots: (S1) 130.36; (P) 130.85; (R1) 131.12; More….

EUR/JPY’s fall from 137.49 resumed by diving through 129.22 and then 128.94 support. It reaches as low as 128.22 so far, just inch above 61.8% projection of 137.49 to 128.94 from 133.47 at 128.18. Intraday bias is now on the downside for deeper fall, possibly further to 126.61 medium term fibonacci level. On the upside, above 129.52 minor resistance will turn intraday bias neutral first. But recovery should be limited below 131.34 resistance to bring another decline.

In the bigger picture, for now, price actions from 137.49 are viewed as a corrective pattern only. Hence, while deeper decline would be seen, strong support is expected at 38.2% retracement of 109.03 to 137.49 at 126.61 to contain downside and bring rebound. Up trend from 109.03 (2016 low) is expected to resume afterwards. Though, sustained break of 126.61 will be an important sign of trend reversal and will turn focus to 124.08 resistance turned support.

Daily Pivots: (S1) 130.36; (P) 130.85; (R1) 131.12; More….

EUR/JPY’s is staying in range of 129.22/131.36 and intraday bias remains neutral first. With 131.36 resistance intact, outlook remains bearish and further decline is expected. Break of 1.29.22 will target 128.94 first. Break will resume whole fall from 137.49 and target 61.8% projection of 137.49 to 128.94 from 133.47 at 128.18, and possibly further to 126.61 medium term fibonacci level. Nonetheless, break of 131.36 will dampen our bearish view and turn focus back to 133.47 resistance instead.

In the bigger picture, for now, price actions from 137.49 are viewed as a corrective pattern only. Hence, while deeper decline would be seen, strong support is expected at 38.2% retracement of 109.03 to 137.49 at 126.61 to contain downside and bring rebound. Up trend from 109.03 (2016 low) is expected to resume afterwards. Though, sustained break of 126.61 will be an important sign of trend reversal and will turn focus to 124.08 resistance turned support.

Daily Pivots: (S1) 130.50; (P) 130.75; (R1) 131.18; More….

EUR/JPY rebounds strongly but stays below 131.36 resistance Outlook remains bearish and further decline is expected. Break of 129.22 will target 128.94 first. Break will resume whole fall from 137.49 and target 61.8% projection of 137.49 to 128.94 from 133.47 at 128.18, and possibly further to 126.61 medium term fibonacci level. Nonetheless, break of 131.36 will dampen our bearish view and turn focus back to 133.47 resistance instead.

In the bigger picture, for now, price actions from 137.49 are viewed as a corrective pattern only. Hence, while deeper decline would be seen, strong support is expected at 38.2% retracement of 109.03 to 137.49 at 126.61 to contain downside and bring rebound. Up trend from 109.03 (2016 low) is expected to resume afterwards. Though, sustained break of 126.61 will be an important sign of trend reversal and will turn focus to 124.08 resistance turned support.

Daily Pivots: (S1) 130.03; (P) 130.58; (R1) 130.92; More….

Intraday bias in EUR/JPY remains neutral as range trading continues above 129.22. With 131.36 resistance intact, further fall is expected in the cross. Below 129.22 will target 128.94 first. Break will resume whole fall from 137.49 and target 61.8% projection of 137.49 to 128.94 from 133.47 at 128.18, and possibly further to 126.61 medium term fibonacci level. Nonetheless, break of 131.36 will turn focus back to 133.47 resistance instead.

In the bigger picture, for now, price actions from 137.49 are viewed as a corrective pattern only. Hence, while deeper decline would be seen, strong support is expected at 38.2% retracement of 109.03 to 137.49 at 126.61 to contain downside and bring rebound. Up trend from 109.03 (2016 low) is expected to resume afterwards. Though, sustained break of 126.61 will be an important sign of trend reversal and will turn focus to 124.08 resistance turned support.

EUR/JPY stayed in consolidation above 129.22 last weekend outlook is unchanged. Initial bias remains neutral this week first. With 131.36 resistance intact, further fall is expected in the cross. Below 129.22 will target 128.94 first. Break will resume whole fall from 137.49 and target 61.8% projection of 137.49 to 128.94 from 133.47 at 128.18, and possibly further to 126.61 medium term fibonacci level. Nonetheless, break of 131.36 will turn focus back to 133.47 resistance instead.

In the bigger picture, for now, price actions from 137.49 are viewed as a corrective pattern only. Hence, while deeper decline would be seen, strong support is expected at 38.2% retracement of 109.03 to 137.49 at 126.61 to contain downside and bring rebound. Up trend from 109.03 (2016 low) is expected to resume afterwards. Though, sustained break of 126.61 will be an important sign of trend reversal and will turn focus to 124.08 resistance turned support.

In the long term picture, at this point, EUR/JPY is staying in long term sideway pattern, established since 2000. Rise from 109.03 is seen as a leg inside the pattern. As long as 124.08 support holds, further rally is in favor in medium to long term through 149.76 high. However, break of 124.08 could extend the fall through 109.03 low instead.

Daily Pivots: (S1) 130.28; (P) 130.58; (R1) 130.94; More….

Intraday bias in EUR/JPY remains neutral for the moment. Deeper decline is expected with 131.36 resistance intact. Break of 129.22 will target 128.94 first. Break there will resume the corrective fall from 137.49 and target 61.8% projection of 137.49 to 128.94 from 133.47 at 128.18, and possibly further to 126.61 medium term fibonacci level.

In the bigger picture, for now, price actions from 137.49 are viewed as a corrective pattern only. Hence, while deeper decline would be seen, strong support is expected at 38.2% retracement of 109.03 to 137.49 at 126.61 to contain downside and bring rebound. Up trend from 109.03 (2016 low) is expected to resume afterwards. Though, sustained break of 126.61 will be an important sign of trend reversal and will turn focus to 124.08 resistance turned support.

Daily Pivots: (S1) 130.33; (P) 130.74; (R1) 131.05; More….

EUR/JPY rebounded strongly ahead of 129.22 support and intraday bias is turned neutral first. Near term outlook stays bearish with 131.36 resistance intact and deeper decline is expected. Below 129.22 will target 128.94 first. Break there will resume the corrective fall from 137.49 and target 61.8% projection of 137.49 to 128.94 from 133.47 at 128.18, and possibly further to 126.61 medium term fibonacci level.

In the bigger picture, for now, price actions from 137.49 are viewed as a corrective pattern only. Hence, while deeper decline would be seen, strong support is expected at 38.2% retracement of 109.03 to 137.49 at 126.61 to contain downside and bring rebound. Up trend from 109.03 (2016 low) is expected to resume afterwards. Though, sustained break of 126.61 will be an important sign of trend reversal and will turn focus to 124.08 resistance turned support.

Daily Pivots: (S1) 130.33; (P) 130.74; (R1) 131.05; More….

EUR/JPY’s strong break of 129.99 minor support indicates that recovery from 129.22 has completed at 131.36 already. Intraday bias is turned back to the downside for 128.94 first. Break will resume the corrective fall from 137.49 and target 61.8% projection of 137.49 to 128.94 from 133.47 at 128.18, and possibly further to 126.61 medium term fibonacci level. On the upside, break of 131.36 resistance is now needed to indicate near term reversal. Otherwise, outlook will stay bearish in case of recovery.

In the bigger picture, for now, price actions from 137.49 are viewed as a corrective pattern only. Hence, while deeper decline would be seen, strong support is expected at 38.2% retracement of 109.03 to 137.49 at 126.61 to contain downside and bring rebound. Up trend from 109.03 (2016 low) is expected to resume afterwards. Though, sustained break of 126.61 will be an important sign of trend reversal and will turn focus to 124.08 resistance turned support.

Daily Pivots: (S1) 130.33; (P) 130.74; (R1) 131.05; More….

Sharp fall in EUR/JPY dragged 4 hour MACD below signal line. Intraday bias is turned neutral first. Consolidation from 129.22 could extend. But even in case of another rise, we’d expect strong resistance below 133.47 resistance to bring fall resumption. Below 129.99 minor support will turn bias back to the downside for 128.94. Break will resume the corrective fall from 137.49 and target 61.8% projection of 137.49 to 128.94 from 133.47 at 128.18 next.

In the bigger picture, for now, price actions from 137.49 are viewed as a corrective pattern only. Hence, while, deeper decline would be seen, strong support is expected at 38.2% retracement of 109.03 to 137.49 at 126.61 to contain downside and bring rebound. Up trend from 109.03 (2016 low) is expected to resume afterwards. Though, sustained break of 126.61 will be an important sign of trend reversal and will turn focus to 124.08 resistance turned support.

Daily Pivots: (S1) 130.39; (P) 130.88; (R1) 131.27; More….

With 129.99 minor support intact, EUR/JPY’s rebound from 129.22 could extend higher, possibly to 55 day EMA (now at 131.59). But we’d expect strong resistance below 133.47 resistance to bring fall resumption. Below 129.99 minor support will turn bias back to the downside for 128.94. Break will resume the corrective fall from 137.49 and target 61.8% projection of 137.49 to 128.94 from 133.47 at 128.18 next.

In the bigger picture, for now, price actions from 137.49 are viewed as a corrective pattern only. Hence, while, deeper decline would be seen, strong support is expected at 38.2% retracement of 109.03 to 137.49 at 126.61 to contain downside and bring rebound. Up trend from 109.03 (2016 low) is expected to resume afterwards. Though, sustained break of 126.61 will be an important sign of trend reversal and will turn focus to 124.08 resistance turned support.

Daily Pivots: (S1) 130.14; (P) 130.41; (R1) 130.83; More….

EUR/JPY’s rebound from 129.22 short term bottom extends higher to as high as 131.02 so far. With 4 hour 55 EMA taken out, intraday bias is on the upside for further rise to 55 day EMA (now at 131.62). Nonetheless, we’d expect strong resistance below 133.47 resistance to bring fall resumption. Below 129.99 minor support will turn bias back to the downside for 128.94. Break will resume the corrective fall from 137.49 and target 61.8% projection of 137.49 to 128.94 from 133.47 at 128.18 next.

In the bigger picture, for now, price actions from 137.49 are viewed as a corrective pattern only. Hence, while, deeper decline would be seen, strong support is expected at 38.2% retracement of 109.03 to 137.49 at 126.61 to contain downside and bring rebound. Up trend from 109.03 (2016 low) is expected to resume afterwards. Though, sustained break of 126.61 will be an important sign of trend reversal and will turn focus to 124.08 resistance turned support.

EUIR/JPY dropped to 129.22 last week but formed a short term bottom there and recovered. Initial bias remains neutral this week for consolidations. As long as 4 hour 55 EMA holds (now at 130.69), the consolidation should be relatively brief. Below 129.22 will target 128.94 support. Break will resume whole decline from 137.49 and target 61.8% projection of 137.49 to 128.94 from 133.47 at 128.18 next. Overall, near term outlook will stay bearish as long as 133.47 resistance holds and downside breakout is expected eventually.

In the bigger picture, for now, price actions from 137.49 are viewed as a corrective pattern only. Hence, while, deeper decline would be seen, strong support is expected at 38.2% retracement of 109.03 to 137.49 at 126.61 to contain downside and bring rebound. Up trend from 109.03 (2016 low) is expected to resume afterwards. Though, sustained break of 126.61 will be an important sign of trend reversal and will turn focus to 124.08 resistance turned support.

In the long term picture, at this point, EUR/JPY is staying in long term sideway pattern, established since 2000. Rise from 109.03 is seen as a leg inside the pattern. As long as 124.08 support holds, further rally is in favor in medium to long term through 149.76 high. However, break of 124.08 could extend the fall through 109.03 low instead.