EUR/JPY Daily Outlook

Daily Pivots: (S1) 162.74; (P) 163.62; (R1) 164.34; More.

EUR/JPY's retreat from 164.97 extends further to 162.89, touching 4 hours 55 EMA (now at 162.99) before recovering mildly. As discussed before, an intraday top is in place at 164.97 and at this point, intraday bias remains mildly on the downside as long as 164.50 minor resistance holds, further decline could be seen to inner rising trend line support (now at 161.78). Though, break of 158.24 is need to indicate rise from 151.71 has completed. Otherwise, further rally is still in favor after pull back. On the upside, above 164.50 will indicate pull back from 164.97 has possibly completed and will flip intraday bias back to the upside.

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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