Sat, May 26, 2018 @ 19:45 GMT

EUR/JPY Weekly Outlook

EUR/JPY’s fall from 137.49 resumed last week and dived to as low as 127.14. There is no clear sign of bottoming yet. Initial bias remains on the downside this week for 126.61 medium term fibonacci level. But based on current momentum, EUR/JPY could dive through this level to 100% projection of 137.49 to 128.94 from 133.47 at 124.92. On the upside, above 128.52 minor resistance will turn intraday bias neutral first. But near term outlook will remain bearish as long as 131.34 resistance holds, even in case of recovery.

In the bigger picture, bearish divergence in daily MACD and current strong downside momentum is raising the chance of medium term trend reversal. Sustained break of 38.2% retracement of 109.03 to 137.49 at 126.61 will argue that whole up trend from 109.03 has completed at 137.49 already. And, deeper decline would be seen to 61.8% retracement at 119.90 and below. Though, strong support from 126.61 and rebound from there would revive medium term bullish for another high above 137.49.

In the long term picture, at this point, EUR/JPY is staying in long term sideway pattern, established since 2000. Rise from 109.03 is seen as a leg inside the pattern. As long as 124.08 support holds, further rally is in favor in medium to long term through 149.76 high. However, break of 124.08 could extend the fall through 109.03 low instead.

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EUR/JPY Daily Outlook

Daily Pivots: (S1) 127.55; (P) 128.21; (R1) 128.71; More….

With 129.05 minor resistance intact, deeper fall is expected in EUR/JPY for 126.61 medium term fibonacci level. We’ll be looking for strong support from 126.61 to contain downside and bring rebound. On the upside, above 129.22 support turned resistance is the first sign of short term bottoming. In that case, bias will be turned back to the upside for 131.34 resistance first.

In the bigger picture, for now, price actions from 137.49 are viewed as a corrective pattern only. Hence, while deeper decline would be seen, strong support is expected at 38.2% retracement of 109.03 to 137.49 at 126.61 to contain downside and bring rebound. Up trend from 109.03 (2016 low) is expected to resume afterwards. Though, sustained break of 126.61 will be an important sign of trend reversal and will turn focus to 124.08 resistance turned support.

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EUR/JPY Daily Outlook

Daily Pivots: (S1) 127.71; (P) 129.27; (R1) 130.32; More….

EUR/JPY’s decline continues today and reaches as low as 127.96 so far. 61.8% projection of 137.49 to 128.94 from 133.47 at 128.18 is met but there is no sign of bottoming yet. Intraday bias remains on the downside for 126.61 medium term fibonacci level. We’ll be aware of strong support from 126.61 to contain downside and bring rebound. On the upside, above 129.05 minor resistance will turn intraday bias neutral first. But near term outlook will stay bearish as long as 131.34 resistance holds.

In the bigger picture, for now, price actions from 137.49 are viewed as a corrective pattern only. Hence, while deeper decline would be seen, strong support is expected at 38.2% retracement of 109.03 to 137.49 at 126.61 to contain downside and bring rebound. Up trend from 109.03 (2016 low) is expected to resume afterwards. Though, sustained break of 126.61 will be an important sign of trend reversal and will turn focus to 124.08 resistance turned support.

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EUR/JPY Mid-Day Outlook

Daily Pivots: (S1) 130.36; (P) 130.85; (R1) 131.12; More….

EUR/JPY’s fall from 137.49 resumed by diving through 129.22 and then 128.94 support. It reaches as low as 128.22 so far, just inch above 61.8% projection of 137.49 to 128.94 from 133.47 at 128.18. Intraday bias is now on the downside for deeper fall, possibly further to 126.61 medium term fibonacci level. On the upside, above 129.52 minor resistance will turn intraday bias neutral first. But recovery should be limited below 131.34 resistance to bring another decline.

In the bigger picture, for now, price actions from 137.49 are viewed as a corrective pattern only. Hence, while deeper decline would be seen, strong support is expected at 38.2% retracement of 109.03 to 137.49 at 126.61 to contain downside and bring rebound. Up trend from 109.03 (2016 low) is expected to resume afterwards. Though, sustained break of 126.61 will be an important sign of trend reversal and will turn focus to 124.08 resistance turned support.

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EUR/JPY Daily Outlook

Daily Pivots: (S1) 130.36; (P) 130.85; (R1) 131.12; More….

EUR/JPY’s is staying in range of 129.22/131.36 and intraday bias remains neutral first. With 131.36 resistance intact, outlook remains bearish and further decline is expected. Break of 1.29.22 will target 128.94 first. Break will resume whole fall from 137.49 and target 61.8% projection of 137.49 to 128.94 from 133.47 at 128.18, and possibly further to 126.61 medium term fibonacci level. Nonetheless, break of 131.36 will dampen our bearish view and turn focus back to 133.47 resistance instead.

In the bigger picture, for now, price actions from 137.49 are viewed as a corrective pattern only. Hence, while deeper decline would be seen, strong support is expected at 38.2% retracement of 109.03 to 137.49 at 126.61 to contain downside and bring rebound. Up trend from 109.03 (2016 low) is expected to resume afterwards. Though, sustained break of 126.61 will be an important sign of trend reversal and will turn focus to 124.08 resistance turned support.

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EUR/JPY Daily Outlook

Daily Pivots: (S1) 130.50; (P) 130.75; (R1) 131.18; More….

EUR/JPY rebounds strongly but stays below 131.36 resistance Outlook remains bearish and further decline is expected. Break of 129.22 will target 128.94 first. Break will resume whole fall from 137.49 and target 61.8% projection of 137.49 to 128.94 from 133.47 at 128.18, and possibly further to 126.61 medium term fibonacci level. Nonetheless, break of 131.36 will dampen our bearish view and turn focus back to 133.47 resistance instead.

In the bigger picture, for now, price actions from 137.49 are viewed as a corrective pattern only. Hence, while deeper decline would be seen, strong support is expected at 38.2% retracement of 109.03 to 137.49 at 126.61 to contain downside and bring rebound. Up trend from 109.03 (2016 low) is expected to resume afterwards. Though, sustained break of 126.61 will be an important sign of trend reversal and will turn focus to 124.08 resistance turned support.

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EUR/JPY Daily Outlook

Daily Pivots: (S1) 130.03; (P) 130.58; (R1) 130.92; More….

Intraday bias in EUR/JPY remains neutral as range trading continues above 129.22. With 131.36 resistance intact, further fall is expected in the cross. Below 129.22 will target 128.94 first. Break will resume whole fall from 137.49 and target 61.8% projection of 137.49 to 128.94 from 133.47 at 128.18, and possibly further to 126.61 medium term fibonacci level. Nonetheless, break of 131.36 will turn focus back to 133.47 resistance instead.

In the bigger picture, for now, price actions from 137.49 are viewed as a corrective pattern only. Hence, while deeper decline would be seen, strong support is expected at 38.2% retracement of 109.03 to 137.49 at 126.61 to contain downside and bring rebound. Up trend from 109.03 (2016 low) is expected to resume afterwards. Though, sustained break of 126.61 will be an important sign of trend reversal and will turn focus to 124.08 resistance turned support.

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EUR/JPY Weekly Outlook

EUR/JPY stayed in consolidation above 129.22 last weekend outlook is unchanged. Initial bias remains neutral this week first. With 131.36 resistance intact, further fall is expected in the cross. Below 129.22 will target 128.94 first. Break will resume whole fall from 137.49 and target 61.8% projection of 137.49 to 128.94 from 133.47 at 128.18, and possibly further to 126.61 medium term fibonacci level. Nonetheless, break of 131.36 will turn focus back to 133.47 resistance instead.

In the bigger picture, for now, price actions from 137.49 are viewed as a corrective pattern only. Hence, while deeper decline would be seen, strong support is expected at 38.2% retracement of 109.03 to 137.49 at 126.61 to contain downside and bring rebound. Up trend from 109.03 (2016 low) is expected to resume afterwards. Though, sustained break of 126.61 will be an important sign of trend reversal and will turn focus to 124.08 resistance turned support.

In the long term picture, at this point, EUR/JPY is staying in long term sideway pattern, established since 2000. Rise from 109.03 is seen as a leg inside the pattern. As long as 124.08 support holds, further rally is in favor in medium to long term through 149.76 high. However, break of 124.08 could extend the fall through 109.03 low instead.

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EUR/JPY Daily Outlook

Daily Pivots: (S1) 130.28; (P) 130.58; (R1) 130.94; More….

Intraday bias in EUR/JPY remains neutral for the moment. Deeper decline is expected with 131.36 resistance intact. Break of 129.22 will target 128.94 first. Break there will resume the corrective fall from 137.49 and target 61.8% projection of 137.49 to 128.94 from 133.47 at 128.18, and possibly further to 126.61 medium term fibonacci level.

In the bigger picture, for now, price actions from 137.49 are viewed as a corrective pattern only. Hence, while deeper decline would be seen, strong support is expected at 38.2% retracement of 109.03 to 137.49 at 126.61 to contain downside and bring rebound. Up trend from 109.03 (2016 low) is expected to resume afterwards. Though, sustained break of 126.61 will be an important sign of trend reversal and will turn focus to 124.08 resistance turned support.

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EUR/JPY Daily Outlook

Daily Pivots: (S1) 130.33; (P) 130.74; (R1) 131.05; More….

EUR/JPY rebounded strongly ahead of 129.22 support and intraday bias is turned neutral first. Near term outlook stays bearish with 131.36 resistance intact and deeper decline is expected. Below 129.22 will target 128.94 first. Break there will resume the corrective fall from 137.49 and target 61.8% projection of 137.49 to 128.94 from 133.47 at 128.18, and possibly further to 126.61 medium term fibonacci level.

In the bigger picture, for now, price actions from 137.49 are viewed as a corrective pattern only. Hence, while deeper decline would be seen, strong support is expected at 38.2% retracement of 109.03 to 137.49 at 126.61 to contain downside and bring rebound. Up trend from 109.03 (2016 low) is expected to resume afterwards. Though, sustained break of 126.61 will be an important sign of trend reversal and will turn focus to 124.08 resistance turned support.

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EUR/JPY Mid-Day Outlook

Daily Pivots: (S1) 130.33; (P) 130.74; (R1) 131.05; More….

EUR/JPY’s strong break of 129.99 minor support indicates that recovery from 129.22 has completed at 131.36 already. Intraday bias is turned back to the downside for 128.94 first. Break will resume the corrective fall from 137.49 and target 61.8% projection of 137.49 to 128.94 from 133.47 at 128.18, and possibly further to 126.61 medium term fibonacci level. On the upside, break of 131.36 resistance is now needed to indicate near term reversal. Otherwise, outlook will stay bearish in case of recovery.

In the bigger picture, for now, price actions from 137.49 are viewed as a corrective pattern only. Hence, while deeper decline would be seen, strong support is expected at 38.2% retracement of 109.03 to 137.49 at 126.61 to contain downside and bring rebound. Up trend from 109.03 (2016 low) is expected to resume afterwards. Though, sustained break of 126.61 will be an important sign of trend reversal and will turn focus to 124.08 resistance turned support.

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EUR/JPY Daily Outlook

Daily Pivots: (S1) 130.33; (P) 130.74; (R1) 131.05; More….

Sharp fall in EUR/JPY dragged 4 hour MACD below signal line. Intraday bias is turned neutral first. Consolidation from 129.22 could extend. But even in case of another rise, we’d expect strong resistance below 133.47 resistance to bring fall resumption. Below 129.99 minor support will turn bias back to the downside for 128.94. Break will resume the corrective fall from 137.49 and target 61.8% projection of 137.49 to 128.94 from 133.47 at 128.18 next.

In the bigger picture, for now, price actions from 137.49 are viewed as a corrective pattern only. Hence, while, deeper decline would be seen, strong support is expected at 38.2% retracement of 109.03 to 137.49 at 126.61 to contain downside and bring rebound. Up trend from 109.03 (2016 low) is expected to resume afterwards. Though, sustained break of 126.61 will be an important sign of trend reversal and will turn focus to 124.08 resistance turned support.

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EUR/JPY Daily Outlook

Daily Pivots: (S1) 130.39; (P) 130.88; (R1) 131.27; More….

With 129.99 minor support intact, EUR/JPY’s rebound from 129.22 could extend higher, possibly to 55 day EMA (now at 131.59). But we’d expect strong resistance below 133.47 resistance to bring fall resumption. Below 129.99 minor support will turn bias back to the downside for 128.94. Break will resume the corrective fall from 137.49 and target 61.8% projection of 137.49 to 128.94 from 133.47 at 128.18 next.

In the bigger picture, for now, price actions from 137.49 are viewed as a corrective pattern only. Hence, while, deeper decline would be seen, strong support is expected at 38.2% retracement of 109.03 to 137.49 at 126.61 to contain downside and bring rebound. Up trend from 109.03 (2016 low) is expected to resume afterwards. Though, sustained break of 126.61 will be an important sign of trend reversal and will turn focus to 124.08 resistance turned support.

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EUR/JPY Daily Outlook

Daily Pivots: (S1) 130.14; (P) 130.41; (R1) 130.83; More….

EUR/JPY’s rebound from 129.22 short term bottom extends higher to as high as 131.02 so far. With 4 hour 55 EMA taken out, intraday bias is on the upside for further rise to 55 day EMA (now at 131.62). Nonetheless, we’d expect strong resistance below 133.47 resistance to bring fall resumption. Below 129.99 minor support will turn bias back to the downside for 128.94. Break will resume the corrective fall from 137.49 and target 61.8% projection of 137.49 to 128.94 from 133.47 at 128.18 next.

In the bigger picture, for now, price actions from 137.49 are viewed as a corrective pattern only. Hence, while, deeper decline would be seen, strong support is expected at 38.2% retracement of 109.03 to 137.49 at 126.61 to contain downside and bring rebound. Up trend from 109.03 (2016 low) is expected to resume afterwards. Though, sustained break of 126.61 will be an important sign of trend reversal and will turn focus to 124.08 resistance turned support.

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EUR/JPY Weekly Outlook

EUIR/JPY dropped to 129.22 last week but formed a short term bottom there and recovered. Initial bias remains neutral this week for consolidations. As long as 4 hour 55 EMA holds (now at 130.69), the consolidation should be relatively brief. Below 129.22 will target 128.94 support. Break will resume whole decline from 137.49 and target 61.8% projection of 137.49 to 128.94 from 133.47 at 128.18 next. Overall, near term outlook will stay bearish as long as 133.47 resistance holds and downside breakout is expected eventually.

In the bigger picture, for now, price actions from 137.49 are viewed as a corrective pattern only. Hence, while, deeper decline would be seen, strong support is expected at 38.2% retracement of 109.03 to 137.49 at 126.61 to contain downside and bring rebound. Up trend from 109.03 (2016 low) is expected to resume afterwards. Though, sustained break of 126.61 will be an important sign of trend reversal and will turn focus to 124.08 resistance turned support.

In the long term picture, at this point, EUR/JPY is staying in long term sideway pattern, established since 2000. Rise from 109.03 is seen as a leg inside the pattern. As long as 124.08 support holds, further rally is in favor in medium to long term through 149.76 high. However, break of 124.08 could extend the fall through 109.03 low instead.

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EUR/JPY Daily Outlook

Daily Pivots: (S1) 129.93; (P) 130.34; (R1) 130.76; More….

EUR/JPY’s consolidation from 129.22 is still in progress and intraday bias remains neutral first. As long as 4 hour 55 EMA holds (now at 130.71), the consolidation should be relatively brief. Below 129.22 will target 128.94 support. Break will resume whole decline from 137.49 and target 61.8% projection of 137.49 to 128.94 from 133.47 at 128.18 next. Overall, near term outlook will stay bearish as long as 133.47 resistance holds and downside breakout is expected eventually.

In the bigger picture, for now, price actions from 137.49 are viewed as a corrective pattern only. Hence, while, deeper decline would be seen, strong support is expected at 38.2% retracement of 109.03 to 137.49 at 126.61 to contain downside and bring rebound. Up trend from 109.03 (2016 low) is expected to resume afterwards. Though, sustained break of 126.61 will be an important sign of trend reversal and will turn focus to 124.08 resistance turned support.

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EUR/JPY Daily Outlook

Daily Pivots: (S1) 129.43; (P) 129.96; (R1) 130.57; More….

Intraday bias in EUR/JPY stays neutral for consolidation above 129.22. As long as 4 hour 55 EMA holds (now at 130.81). the consolidation should be relatively brief. Below 129.22 will target 128.94 support. Break will resume whole decline from 137.49 and target 61.8% projection of 137.49 to 128.94 from 133.47 at 128.18 next. Overall, near term outlook will stay bearish as long as 133.47 resistance holds and downside breakout is expected eventually.

In the bigger picture, for now, price actions from 137.49 are viewed as a corrective pattern only. Hence, while, deeper decline would be seen, strong support is expected at 38.2% retracement of 109.03 to 137.49 at 126.61 to contain downside and bring rebound. Up trend from 109.03 (2016 low) is expected to resume afterwards. Though, sustained break of 126.61 will be an important sign of trend reversal and will turn focus to 124.08 resistance turned support.

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EUR/JPY Daily Outlook

Daily Pivots: (S1) 129.09; (P) 129.60; (R1) 129.98; More….

A temporary low is in place at 129.22 in EUR/JPY and intraday bias is turned neutral. Consolidation should be relatively brief as long as 4 hour 55 EMA holds (now at 130.98). Below 129.22 will target 128.94 support. Break will resume whole decline from 137.49 and target 61.8% projection of 137.49 to 128.94 from 133.47 at 128.18 next. Overall, near term outlook will stay bearish as long as 133.47 resistance holds and downside breakout is expected eventually.

In the bigger picture, for now, price actions from 137.49 are viewed as a corrective pattern only. Hence, while, deeper decline would be seen, strong support is expected at 38.2% retracement of 109.03 to 137.49 at 126.61 to contain downside and bring rebound. Up trend from 109.03 (2016 low) is expected to resume afterwards. Though, sustained break of 126.61 will be an important sign of trend reversal and will turn focus to 124.08 resistance turned support.

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EUR/JPY Daily Outlook

Daily Pivots: (S1) 129.81; (P) 130.20; (R1) 130.44; More….

EUR/JPY’s decline from 133.47 continues today and reaches as low as 129.81 so far. Downside momentum is seen diminishing in 4 hour MACD. But intraday bias remains on the downside for 128.94 support. Break will resume whole decline from 137.49 and target 61.8% projection of 137.49 to 128.94 from 133.47 at 128.18 next. On the upside, above 131.13 minor resistance will turn bias neutral and bring recovery. But upside should be limited well below 133.47 resistance to bring another decline.

In the bigger picture, for now, price actions from 137.49 are viewed as a corrective pattern only. Hence, while, deeper decline would be seen, strong support is expected at 38.2% retracement of 109.03 to 137.49 at 126.61 to contain downside and bring rebound. Up trend from 109.03 (2016 low) is expected to resume afterwards. Though, sustained break of 126.61 will be an important sign of trend reversal and will turn focus to 124.08 resistance turned support.

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EUR/JPY Daily Outlook

Daily Pivots: (S1) 129.89; (P) 130.42; (R1) 130.94; More….

Intraday bias in EUR/JPY remain son the downside for 128.94 support. Break will resume whole decline from 137.49 and target 61.8% projection of 137.49 to 128.94 from 133.47 at 128.18 next. On the upside, above 131.13 minor resistance will turn bias neutral and bring recovery. But upside should be limited well below 133.47 resistance to bring another decline.

In the bigger picture, for now, price actions from 137.49 are viewed as a corrective pattern only. Hence, while, deeper decline would be seen, strong support is expected at 38.2% retracement of 109.03 to 137.49 at 126.61 to contain downside and bring rebound. Up trend from 109.03 (2016 low) is expected to resume afterwards. Though, sustained break of 126.61 will be an important sign of trend reversal and will turn focus to 124.08 resistance turned support.

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