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EURJPY Outlook

EUR/JPY Daily Outlook

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Daily Pivots: (S1) 131.27; (P) 131.66; (R1) 131.89; More....

Intraday bias in EUR/JPY stays neutral first. Deeper fall remains mildly in favor and break of 131.16 will target 38.2% retracement of 114.84 to 134.48 at 126.97, which is close to 127.55 support. We'll look for support from there to bring rebound on first attempt. In any case, firm break of 134.48 is needed to confirm up trend resumption. Otherwise, near term risks remain on the downside.

In the bigger picture, medium term rise from 109.03 (2016 low) is seen as at the same degree as the down trend from 149.76 (2014 high) to 109.03 (2016 low). 61.8% retracement of 149.76 to 109.03 at 134.20 is already met. Sustained break there will pave the way to key long term resistance zone at 141.04/149.76. However, break of 127.55 support will argue that the medium term trend has reversed and will turn outlook bearish for deeper fall back to 114.84/124.08 support zone at least.

EUR/JPY 4 Hours Chart

EUR/JPY Daily Chart