EUR/JPY Daily Outlook

Daily Pivots: (S1) 162.84; (P) 163.76; (R1) 164.86; More.

EUR/JPY turns sideway after rally from 158.24 met 61.8% projection of 151.71 to 161.71 from 158.24 at 164.42. Nevertheless, intraday bias remains on the upside as long as 162.67 minor support holds and further rally is still in favor to test upside side of the medium term range near to 168.93. On the downside, below 162.67 will turn intraday outlook neutral first. But break of 158.24 is need to indicate rise from 151.71 has completed. Otherwise, further rally is still in favor after pull back.

In the bigger picture, EUR/JPY turned into sideway consolidation after medium term up trend was limited at 168.93. It's unclear whether such consolidation has completed at 151.71 already and hence firm break of 168.93 high is needed to confirm resumption of the long term up trend. Meanwhile, on the downside, below 158.24 will suggest that such consolidation is going to extend further before completion.

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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