EUR/JPY engaged in sideway trading most of last week but late break of 168.01 support is inline with the case that rise from 164.01 has completed already. Initial bias is back on the downside this week. Sustained trading below 55 D EMA (now at 167.41) will extend the fall from 170.87, as the third leg of the pattern from 151.58, to 164.01 support next. For now, risk will stay on the downside as long as 170.12 resistance holds, in case of recovery.

In the bigger picture, as long as 55 W EMA (now at 159.51) holds, price actions from 171.58 medium term top are seen as as correcting the rise from 153.15 only. That is, larger up trend remains in favor to continue as a later stage. However, sustained break of 55 W EMA will argue that larger scale correction is underway and target 153.15 support.

In the long term picture, rise from 114.42 (2020 low) is seen as the third leg of the whole up trend from 94.11 (2012 low). 100% projection of 94.11 to 149.76 from 114.42 at 170.07 was already met but there is no signal of reversal yet. Firm break of 170.07 will target 138.2% projection at 191.32. This will remain the favored case as long as 153.15 support holds.

Daily Pivots: (S1) 167.88; (P) 169.01; (R1) 169.74; More…

EUR/JPY is still bounded in sideway trading and intraday bias remains neutral. On the downside, break of 168.01 support will strengthen the case that rise from 164.31 has completed at 170.78 already. Intraday bias will be back on the downside for 167.31 support, and then 164.01. Nevertheless, break of 170.87 will resume the rally to retest 171.58 high instead.

In the bigger picture, a medium top was formed at 171.58 after brief breach of 169.96 (2008 high). But as long as 55 W EMA (now at 159.51) holds, price actions from there is seen as correcting the rise from 153.15 only. That is, larger up trend remains in favor to continue. However, sustained break of 55 W EMA will argue that larger scale correction is underway and target 153.15 support.

Daily Pivots: (S1) 168.84; (P) 169.22; (R1) 169.78; More…

Intraday bias in EUR/JPY remains neutral for the moment. On the downside, break of 168.01 support will strengthen the case that rise from 164.31 has completed at 170.78 already. Intraday bias will be back on the downside for 167.31 support, and then 164.01. Nevertheless, break of 170.87 will resume the rally to retest 171.58 high instead.

In the bigger picture, a medium top was formed at 171.58 after brief breach of 169.96 (2008 high). But as long as 55 W EMA (now at 159.51) holds, price actions from there is seen as correcting the rise from 153.15 only. That is, larger up trend remains in favor to continue. However, sustained break of 55 W EMA will argue that larger scale correction is underway and target 153.15 support.

Daily Pivots: (S1) 168.24; (P) 168.83; (R1) 169.37; More…

Intraday bias in EUR/JPY remains neutral as range trading continues. On the downside, break of 168.01 support will strengthen the case that rise from 164.31 has completed at 170.78 already. Intraday bias will be back on the downside for 167.31 support, and then 164.01. Nevertheless, break of 170.87 will resume the rally to retest 171.58 high instead.

In the bigger picture, a medium top was formed at 171.58 after brief breach of 169.96 (2008 high). But as long as 55 W EMA (now at 159.51) holds, price actions from there is seen as correcting the rise from 153.15 only. That is, larger up trend remains in favor to continue. However, sustained break of 55 W EMA will argue that larger scale correction is underway and target 153.15 support.

Daily Pivots: (S1) 168.50; (P) 168.86; (R1) 169.42; More…

Range trading continues in EUR/JPY and intraday bias stays neutral. On the downside, break of 168.01 support will strengthen the case that rise from 164.31 has completed at 170.78 already. Intraday bias will be back on the downside for 167.31 support, and then 164.01. Nevertheless, break of 170.87 will resume the rally to retest 171.58 high instead.

In the bigger picture, a medium top was formed at 171.58 after brief breach of 169.96 (2008 high). But as long as 55 W EMA (now at 159.51) holds, price actions from there is seen as correcting the rise from 153.15 only. That is, larger up trend remains in favor to continue. However, sustained break of 55 W EMA will argue that larger scale correction is underway and target 153.15 support.

Daily Pivots: (S1) 169.14; (P) 169.79; (R1) 170.52; More…

Intraday bias in EUR/JPY remains neutral first. On the downside, break of 168.01 support will strengthen the case that rise from 164.31 has completed at 170.78 already. Intraday bias will be back on the downside for 167.31 support, and then 164.01. Nevertheless, break of 170.87 will resume the rally to retest 171.58 high instead.

In the bigger picture, a medium top was formed at 171.58 after brief breach of 169.96 (2008 high). But as long as 55 W EMA (now at 159.51) holds, price actions from there is seen as correcting the rise from 153.15 only. That is, larger up trend remains in favor to continue. However, sustained break of 55 W EMA will argue that larger scale correction is underway and target 153.15 support.

Daily Pivots: (S1) 169.03; (P) 169.66; (R1) 170.09; More….

Intraday bias in EUR/JPY stays neutral and outlook is unchanged. Current development suggests that rebound from 164.31 has completed at 170.81. Risk will stay on the downside as long as 170.87 resistance holds. Below 168.01 will target 167.31 support first. Break there will target 164.01 support next.

In the bigger picture, a medium top was formed at 171.58 after brief breach of 169.96 (2008 high). But as long as 55 W EMA (now at 166.81) holds, price actions from there is seen as correcting the rise from 153.15 only. That is, larger up trend remains in favor to continue. However, sustained break of 55 W EMA will argue that larger scale correction is underway and target 153.15 support.

Daily Pivots: (S1) 168.69; (P) 169.36; (R1) 170.35; More….

Intraday bias in EUR/JPY remains neutral for the moment. Current development suggests that rebound from 164.31 has completed at 170.81. Risk will now stay on the downside as long as 170.87 resistance holds. Below 168.01 will target 167.31 support first. Break there will target 164.01 support next.

In the bigger picture, a medium top was formed at 171.58 after brief breach of 169.96 (2008 high). But as long as 55 W EMA (now at 166.81) holds, price actions from there is seen as correcting the rise from 153.15 only. That is, larger up trend remains in favor to continue. However, sustained break of 55 W EMA will argue that larger scale correction is underway and target 153.15 support.

Daily Pivots: (S1) 167.46; (P) 169.09; (R1) 170.15; More….

EUR/JPY recovers after dipping to 168.01 and intraday bias is turned neutral. Nevertheless, current development suggests that rebound from 164.31 has completed at 170.81. Risk will now stay on the downside as long as 170.87 resistance holds. Below 168.01 will target 167.31 support first. Break there will target 164.01 support next.

In the bigger picture, a medium top was formed at 171.58 after brief breach of 169.96 (2008 high). But as long as 55 W EMA (now at 166.81) holds, price actions from there is seen as correcting the rise from 153.15 only. That is, larger up trend remains in favor to continue. However, sustained break of 55 W EMA will argue that larger scale correction is underway and target 153.15 support.

Daily Pivots: (S1) 169.66; (P) 170.28; (R1) 170.83; More….

Intraday bias in EUR/JPY is turned neutral again with current retreat. Above 170.87 will resume the rally from 164.01 to retest 171.58 high. ON the downside, break break of 169.05 support should confirm short term topping, and turn bias back to the downside for 167.31 support instead.

In the bigger picture, a medium top was formed at 171.58 after brief breach of 169.96 (2008 high). But as long as 55 W EMA (now at 166.81) holds, price actions from there is seen as correcting the rise from 153.15 only. That is, larger up trend remains in favor to continue. However, sustained break of 55 W EMA will argue that larger scale correction is underway and target 153.15 support.

Daily Pivots: (S1) 169.80; (P) 170.28; (R1) 171.10; More….

Intraday bias in EUR/JPY is back on the upside with breach of 170.78 temporary top. Rise from 164.01 would now target 171.58 resistance. Firm break there will resume larger up trend. On the downside, below 169.05 minor support will turn bias back to the downside for 167.31 instead.

In the bigger picture, a medium top was formed at 171.58 after brief breach of 169.96 (2008 high). But as long as 55 W EMA (now at 166.81) holds, price actions from there is seen as correcting the rise from 153.15 only. That is, larger up trend remains in favor to continue. However, sustained break of 55 W EMA will argue that larger scale correction is underway and target 153.15 support.

Despite dipping to 169.05 last week, EUR/JPY quickly recovered. Initial bias is neutral this week first. Break of 170.78 will resume the rally from 164.01 to retest 171.58 high. On the downside, however, below 169.05 will bring deeper fall to 167.31 support. Firm break there should confirm that rise from 164.01 has completed.

In the bigger picture, a medium top could be formed at 171.58 after brief breach of 169.96 (2008 high). But as long as 55 W EMA (now at 159.15) holds, price actions from there is seen as correcting the rise from 153.15 only. That is, larger up trend remains in favor to continue. However, sustained break of 55 W EMA will argue that larger scale correction is underway and target 153.15 support.

In the long term picture, rise from 114.42 (2020 low) is seen as the third leg of the whole up trend from 94.11 (2012 low). 100% projection of 94.11 to 149.76 from 114.42 at 170.07 was already met but there is no signal of reversal yet. Firm break of 170.07 will target 138.2% projection at 191.32. This will remain the favored case as long as 153.15 support holds.

Daily Pivots: (S1) 169.14; (P) 169.79; (R1) 170.52; More…

Intraday bias in EUR/JPY remains on the downside at this point. Fall from 170.78 will target 167.31 support first. Firm break there will confirm that corrective pattern from 171.58 has started the third leg, and target 164.01 support next. For now, risk will stay on the downside as long as 170.78 resistance holds, in case of recovery.

In the bigger picture, a medium top could be formed at 171.58 after brief breach of 169.96 (2008 high). As long as 55 W EMA (now at 159.10) holds, price actions from there is seen as correcting the rise from 153.15 only. However, sustained break of 55 W EMA will argue that larger scale correction is underway and target 153.15 support.

Daily Pivots: (S1) 170.04; (P) 170.42; (R1) 170.67; More…

EUR/JPY’s break of 169.46 minor support suggests short term topping at 170.78, on bearish divergence condition in 4H MACD. Rise from 164.01, as the second leg of the corrective pattern from 171.58, might have completed. Intraday bias is back on the downside fro 167.31 support first. For now, risk will stay on the downside as long as 170.78 resistance holds, in case of recovery.

In the bigger picture, a medium top could be formed at 171.58 after brief breach of 169.96 (2008 high). As long as 55 W EMA (now at 159.10) holds, price actions from there is seen as correcting the rise from 153.15 only. However, sustained break of 55 W EMA will argue that larger scale correction is underway and target 153.15 support.

Daily Pivots: (S1) 170.31; (P) 170.55; (R1) 170.90; More…

Intraday bias in EUR/JPY stays mildly on the upside. Break of 61.8% projection of 164.01 to 169.38 from 167.31 at 170.62 will target 171.58 high. Strong resistance could be seen there to limit upside. On the downside, below 169.45 minor support will turn bias back to the downside for 167.31 support.

In the bigger picture, a medium top could be formed at 171.58 after brief breach of 169.96 (2008 high). As long as 55 W EMA (now at 158.72) holds, price actions from there is seen as correcting the rise from 153.15 only. However, sustained break of 55 W EMA will argue that larger scale correction is underway and target 153.15 support.

Daily Pivots: (S1) 170.08; (P) 170.29; (R1) 170.61; More…

EUR/JPY’s rally from 164.01 is still in progress and intraday bias stays on the upside. Break of 61.8% projection of 164.01 to 169.38 from 167.31 at 170.62 will target 171.58 high. Strong resistance could be seen there to limit upside. On the downside, below 169.45 minor support will turn bias back to the downside for 167.31 support.

In the bigger picture, a medium top could be formed at 171.58 after brief breach of 169.96 (2008 high). As long as 55 W EMA (now at 158.72) holds, price actions from there is seen as correcting the rise from 153.15 only. However, sustained break of 55 W EMA will argue that larger scale correction is underway and target 153.15 support.

Daily Pivots: (S1) 169.72; (P) 170.11; (R1) 170.64; More…

Intraday bias in EUR/JPY remains on the upside for 61.8% projection of 164.01 to 169.38 from 167.31 at 170.62, and then 171.58 high. On the downside, break of 169.05 minor support will intraday bias neutral first. Further break of 167.31 should turn bias back to the downside to start the third leg of the corrective pattern from 171.58 towards 164.01.

In the bigger picture, a medium top could be formed at 171.58 after brief breach of 169.96 (2008 high). As long as 55 W EMA (now at 158.72) holds, price actions from there is seen as correcting the rise from 153.15 only. However, sustained break of 55 W EMA will argue that larger scale correction is underway and target 153.15 support.

EUR/JPY’s rise from 164.01 extended by breaking through 169.38 resistance last week. This rally is seen as the second leg of the corrective pattern from 171.58. Initial bias remains on the upside for 61.8% projection of 164.01 to 169.38 from 167.31 at 170.62, and then 171.58 high. On the downside, break of 169.05 minor support will intraday bias neutral first. Further break of 167.31 should turn bias back to the downside to start the third leg towards 164.01.

In the bigger picture, a medium top could be formed at 171.58 after brief breach of 169.96 (2008 high). As long as 55 W EMA (now at 158.72) holds, price actions from there is seen as correcting the rise from 153.15 only. However, sustained break of 55 W EMA will argue that larger scale correction is underway and target 153.15 support.

In the long term picture, rise from 114.42 (2020 low) is seen as the third leg of the whole up trend from 94.11 (2012 low). 100% projection of 94.11 to 149.76 from 114.42 at 170.07 was already met but there is no signal of reversal yet. Firm break of 170.07 will target 138.2% projection at 191.32. This will remain the favored case as long as 153.15 support holds.

Daily Pivots: (S1) 169.26; (P) 169.79; (R1)170.29; More…

No change in EUR/JPY’s outlook. Further rise is mildly in favor despite loss of upside momentum. Rise from 164.01, as the second leg of the corrective pattern from 171.58, would target 61.8% projection of 164.01 to 169.38 from 167.31 at 170.62. On the downside, break of 169.05 minor support will intraday bias neutral first. Further break of 167.31 should turn bias back to the downside to start the third leg towards 164.01.

In the bigger picture, a medium top could be formed at 171.58 after brief breach of 169.96 (2008 high). As long as 55 W EMA (now at 158.70) holds, fall from there is seen as correcting the rise from 153.15 only. However, sustained break of 55 W EMA will argue that larger scale correction is underway and target 153.15 support.

Daily Pivots: (S1) 169.36; (P) 169.65; (R1) 169.97; More…

Further rise is mildly in favor in EUR/JPY despite loss of upside momentum. Rise from164.01, as the second leg of the corrective pattern from 171.58, would target 61.8% projection of 164.01 to 169.38 from 167.31 at 170.62. On the downside, break of 169.05 minor support will intraday bias neutral first. Further break of 167.31 should turn bias back to the downside to start the third leg towards 164.01.

In the bigger picture, a medium top could be formed at 171.58 after brief breach of 169.96 (2008 high). As long as 55 W EMA (now at 158.70) holds, fall from there is seen as correcting the rise from 153.15 only. However, sustained break of 55 W EMA will argue that larger scale correction is underway and target 153.15 support.