EUR/JPY Daily Outlook

Daily Pivots: (S1) 162.36; (P) 162.80; (R1) 163.46; More.

EUR/JPY's rally continues in European session and edges further higher to 162.92 so far. At this point, intraday bias remains on the upside as long as 162.13 minor support holds. The current rise from 151.71 is expected to extend further to test upper end of the medium term range between 149.27 and 168.93. On the downside, below 162.13 will turn intraday outlook consolidative first but further rise is still expected as long as retreat is contained above 158.24 support.

In the bigger picture, EUR/JPY turned into sideway consolidation after medium term up trend was limited at 168.93. Note EUR/JPY is still staying inside long term rising channel (support at 155.64). The long term up trend from 88.97 (00 low) is probably still in force. Nevertheless, more choppy trading should be seen with EUR/JPY still staying inside range of 149.27 and 168.93 before firm break above this 168.93 high.

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