EUR/JPY Daily Outlook

Daily Pivots: (S1) 162.64; (P) 163.32; (R1) 164.61; More

EUR/JPY’s long term up trend resumed by breaking through 164.29 resistance. Intraday bias stays on the upside. Next near term target will be 61.8% projection of 153.15 to 163.70 from 160.20 at 166.71. On the downside, Below 163.81 minor support will turn intraday bias neutral and bring consolidations first, before staging another rally.

In the bigger picture, current rally is part of the up trend from 114.42 (2020 low), which is still in progress. Next target is 169.96 (2008 high). Break of 160.20 support is needed to be the first sign of medium term topping. Otherwise, outlook will stay bullish in case of retreat.

EUR/JPY Daily Outlook

Daily Pivots: (S1) 137.77; (P) 138.70; (R1) 139.19; More….

EUR/JPY rebounded strongly today but stays below 142.84 resistance. Intraday bias remains neutral first. On the downside, break of 138.00 support should resume whole decline from 148.38 to 135.40 fibonacci level next. however, firm break of 142.84 will argue that the correction from 148.38 has completed, and bring stronger rise back to 146.71 resistance.

In the bigger picture, as long as 55 week EMA (now at 138.64) holds, larger up trend from 114.42 (2020 low) is still in progress for 149.76 long term resistance. However, firm break of 55 week EMA will bring deeper fall to 38.2% retracement of 114.42 to 148.38 at 135.40. Sustained break there will raise the chance of trend reversal, and target 61.8% retracement at 127.39.

EUR/JPY Daily Outlook

Daily Pivots: (S1) 137.17; (P) 137.55; (R1) 138.02; More….

EUR/JPY’s rebound from 133.38 is still in progress and intraday bias stays on the upside. Sustained trading above 55 day EMA (now at 138.48) will suggest that whole correction from 144.26 has completed. Further rally would then be seen back to retest 144.26 high. However, break of 135.63 will turn bias back to the downside for 133.38 low instead.

In the bigger picture, up trend from 114.42 (2020 low) is seen as the third leg of the pattern from 109.30 (2016 low). Further rally is in favor as long as 134.11 resistance turned support holds, even in case of deep pull back. Next target is 149.76 (2015 high). However, sustained break of 134.11 will be a sign of medium term bearish reversal and turn focus to 124.37 support for confirmation.

EUR/JPY Daily Outlook

Daily Pivots: (S1) 132.03; (P) 132.56; (R1) 132.91; More….

EUR/JPY’s consolidation from 133.12 extends with another sharp decline today. While deeper pull back could be seen, as long as 130.86 resistance turned support holds, further rally is expected. On the upside, above 133.12 will target 100% projection of 124.89 to 130.86 from 127.85 at 133.82 first. Break will target 137.49 high. However, firm break of 130.86 will dampen this bullish view and turn focus back to 127.85 support.

In the bigger picture, current development suggests that EUR/JPY has defended key support level of 124.08 key resistance turned support. And, the larger up trend from 109.03 (2016 low) is still in progress. Firm break of 137.49 will target 141.04/149.76 resistance zone next. This will now be the preferred case as long as 127.85 near term support holds.

EUR/JPY Daily Outlook

Daily Pivots: (S1) 127.04; (P) 127.75; (R1) 128.19; More….

A temporary top was formed in 128.44 in EUR/JPY with current retreat. Intraday bias is turned neutral for some consolidations. Outlook will remain bullish as long as 125.07 support holds. Sustained break of 128.67 long term fibonacci level will confirm medium term upside momentum, and target 100% projection of 121.63 to 127.48 from 125.07 at 130.92 next.

In the bigger picture, rise from 114.42 is seen as a medium term rising leg inside a long term sideway pattern. Further rise is expected as long as 125.07 support holds. Next target is 61.8% retracement of 137.49 (2018 high) to 114.42 at 128.67. Sustained trading above there will indicate solid upside momentum and target 137.49 next. This will remain the favored case as long as 121.63 support holds.

EUR/JPY Daily Outlook

Daily Pivots: (S1) 152.94; (P) 155.85; (R1) 158.48; More..

EUR/JPY’s fall from 164.29 extended to as low as 153.15 and breached 154.32 cluster support (38.2% retracement of 139.05 to 164.29 at 154.64). There is no clear sign of bottoming yet and intraday bias stays on the downside. Sustained trading below 154.32 will target 61.8% retracement at 148.69 next. On the upside, above 156.42 minor resistance will turn intraday bias neutral and bring consolidations first, before staging another decline.

In the bigger picture, bearish divergence condition in 55 D EMA indicates that a medium term top was e formed at 164.29 already. Price actions from there are tentatively seen as a correction only. There is no clear sign that the up trend from 144.42 (2020 low) has completed yet. As long as 55 W EMA (now at 152.12) holds, another rally through 164.29 is still in favor as a later stage.

EUR/JPY Daily Outlook

Daily Pivots: (S1) 136.89; (P) 137.53; (R1) 138.31; More….

Intraday bias in EUR/JPY remains neutral as consolidation from 139.99 is still extending. In case of another decline, downside should be contained by 38.2% retracement of 124.37 to 139.99 at 134.02 to bring rebound. On the upside, firm break of 139.99 will resume larger up trend for 144.06 medium term projection level.

In the bigger picture, up trend from 114.42 (2020 low) is in progress. Such rise is seen as the third leg of the pattern from 109.30 (2016 low). Next target will be 100% projection of 114.42 to 134.11 from 124.37 at 144.06. In any case, outlook will now remain bullish as long as 124.37 support holds, in case of deep pull back.

EUR/JPY Daily Outlook

Daily Pivots: (S1) 117.07; (P) 117.63; (R1) 118.24; More…..

Intraday bias in EUR/JPY remains on the upside at this point. Rebound from 114.42 is in progress. As noted before, whole decline from 122.87 might be completed. Further rise would be seen to 121.14 resistance next. On the downside, below 117.02 minor support will turn intraday bias neutral first. But break of 115.32 support is needed to indicate completion of the rebound. Otherwise, another rise will remain in favor even in case of retreat.

In the bigger picture, the down trend from 137.49 (2018 high) is still in progress. EUR/JPY continues to stay well inside falling channel and below falling 55 week EMA. Deeper fall could be seen to retest 109.48 (2016 low) next. On the upside, break of 122.87 resistance is needed to confirm medium term bottoming. Otherwise, outlook will stay bearish in case of rebound.

EUR/JPY Daily Outlook

Daily Pivots: (S1) 160.54; (P) 161.08; (R1) 161.88; More

Intraday bias in EUR/JPY stays neutral at this point. On the downside, below 160.20 will resume the fall from 163.70 to 38.2% retracement of 153.15 to 163.70 at 159.66. Sustained break there will indicate that fall from 163.70 is reversing whole rise from 153.13, and target 61.8% retracement at 157.18. On the upside, though, above 162.16 minor resistance will retain near term bullishness, and bring retest of 163.70.

In the bigger picture, price actions from 164.29 medium term top are seen as a correction to rise from 139.05 which could still be extending. As long as 148.38 resistance turned support holds (2022 high), larger up trend from 114.42 (2020 low) is expected to resume through 164.29 at a later stage. Next target would be 169.96 (2008 high).

EUR/JPY Daily Outlook

Daily Pivots: (S1) 120.60; (P) 120.87; (R1) 121.09; More….

EUR/JPY is staying in consolidation from 119.77 and intraday bias remains neutral. As long as 121.26 resistance holds, further decline is expected. As noted before, corrective rise from 115.86 should be completed at 122.87, on bearish divergence condition in daily MACD. On the downside, break of 119.77 will pave the way to retest 115.86 low. However, firm break of 121.26 will dampen this bearish view and turn focus back to 122.87 high instead.

In the bigger picture, EUR/JPY is still staying in the falling channel established since 137.49 (2018 high). Thus, outlook remains bearish. Rise from 115.86 is seen as a corrective rise, which might have completed. Firm break of 115.86 will resume the down trend to 114.84 support next.

EUR/JPY Daily Outlook

Daily Pivots: (S1) 128.69; (P) 129.18; (R1) 129.45; More….

Intraday bias in EUR/JPY remains neutral and further fall is in favor with 129.65 minor resistance intact. On the downside, break of 128.59 will target a test on 127.91 low first. Break there will resume larger decline from 134.11 to 127.07 key support level next. On the upside, however, break of 129.65 will turn bias back to the upside for 130.73 resistance.

In the bigger picture, rise from 114.42 is seen as a medium term rising leg inside a long term sideway pattern. As long as 127.07 resistance turned support holds, further rise is still expected to retest 137.49 (2018 high). However, firm break of 127.07 will argue that the medium term trend has reversed, deeper fall would be seen to 61.8% retracement of 114.42 to 134.11 at 121.94.

EUR/JPY Daily Outlook

Daily Pivots: (S1) 158.89; (P) 159.34; (R1) 160.16; More….

EUR/JPY’s break of 159.75 indicates larger up trend resumption. Intraday bias stays on the upside at this point. next target is 163.06 projection level. On the downside, below 158.49 minor support will turn intraday bias neutral and bring consolidations first, before staging another rally.

In the bigger picture, rise from 114.42 (2020 low) is in progress. next target is 100% projection of 124.37 to 148.38 from 139.05 at 163.06. On the downside, break of 154.32 support is needed to be the first sign of medium term topping. Otherwise, outlook will remain bullish even in case of deep pullback.

EUR/JPY Daily Outlook

Daily Pivots: (S1) 126.09; (P) 126.28; (R1) 126.46; More….

EUR/JPY is staying in consolidation from 127.48 and intraday bias is mildly on the downside towards 125.07 support. We’d expect some strong support from there to contain downside to bring rebound. On the upside, decisive break of 127.48 high will resume larger rise from 114.42, to 128.67 fibonacci level.

In the bigger picture, rise from 114.42 is seen as a medium term rising leg inside a long term sideway pattern. Further rise is expected as long as 121.63 support holds. Next target is 61.8% retracement of 137.49 (2018 high) to 114.42 at 128.67. Sustained trading above there will target 137.49 next. However, firm break of 121.63 will argue that the rise from 114.42 has completed and turn focus back to this low.

EUR/JPY Daily Outlook

Daily Pivots: (S1) 118.54; (P) 119.00; (R1) 119.75; More…

Intraday bias in EUR/JPY is turned neutral with the current recovery. At this point, we’re slightly favoring the bearish case that whole rebound from 109.20 has completed at 124.08 already. Sustained trading below 118.45 cluster support (38.2% retracement of 109.20 to 124.08 at 118.39) will confirm. In such case, EUR/JPY should target 61.8% retracement at 114.88 and below. On the upside, though, break of 119.85 minor resistance will indicate short term bottoming and turn bias back to the upside for 121.32 resistance instead.

In the bigger picture, price actions from 109.20 medium term bottom are seen as part of a medium term corrective pattern from 149.76. Current development argues that it’s completed at 124.08, ahead of 126.09 key resistance level. Deeper fall would be seen back to 109.20 low. Break there will extend the whole medium term down trend from 149.76 high.

EUR/JPY 4 Hours Chart

EUR/JPY Daily Chart

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EUR/JPY Daily Outlook

Daily Pivots: (S1) 156.94; (P) 157.61; (R1) 158.71; More….

Intraday bias in EUR/JPY remains neutral for the moment. On the upside, firm break of 158.464 will argue that the pull back has from 159.75 is completed. Bias will be turned back to the upside for resuming larger up trend through 159.75 high. On the downside, below 156.07 minor support will resume the fall from 159.75 through 154.32 support.

In the bigger picture, price actions from 159.75 are views as a corrective pattern for now. As long as 151.39 support holds, rise from 114.42 (2020 low) is still expected to continue through 159.75 at a later stage. Nevertheless, firm break of 151.39 will confirm medium term topping, and bring lengthier and deeper correction.

EUR/JPY Daily Outlook

Daily Pivots: (S1) 119.24; (P) 119.48; (R1) 119.77; More….

Intraday bias in EUR/JPY is turned neutral with 4 hour MACD crossed below signal line. Some retreat could be seen, but downside should be contained above 117.07 support to bring another rally. On the upside, break of 120.01 resistance will resume the rise from 115.86 for 100% projection of 115.86 to 120.01 from 117.07 at 121.16 first.

In the bigger picture, current development argues that a medium term bottom is formed at 115.86, on bullish convergence condition in daily MACD, ahead of 114.84 support. Break of 120.78 support turned resistance will affirm this case and bring further rise to falling channel resistance (now at 126.10). Reactions from there would decide whether the medium term has reversed. For now, further rise is expected as long as 117.07 support holds.

EUR/JPY Daily Outlook

Daily Pivots: (S1) 140.22; (P) 140.67; (R1) 141.50; More….

EUR/JPY’s rally continues today and intraday bias stays on the upside for 61.8% projection of 124.37 to 139.99 from 132.63 at 142.28. Firm break there will target 100% projection at 148.25 next. On the downside, below 139.82 minor support will turn intraday bias neutral and bring consolidations first, before staging another rally.

In the bigger picture, up trend from 114.42 (2020 low) is in progress. Such rise is seen as the third leg of the pattern from 109.30 (2016 low). Next target will be 100% projection of 114.42 to 134.11 from 124.37 at 144.06. Firm break there will indicate upside acceleration and target 149.76 long term resistance (2014 high). In any case, outlook will now remain bullish as long as 132.63 support holds, in case of deep pull back.

EUR/JPY Daily Outlook

Daily Pivots: (S1) 157.46; (P) 157.71; (R1) 158.16; More….

Intraday bias in EUR/JPY remains neutral for consolidation below 157.99. In case of another dip, further rally is still expected as long as 154.03 support holds. On the upside, break of 157.99 will resume larger up trend to 162.82 projection level. However, break of 154.03 will argue that larger correction is under way back to 151.60 resistance turned support.

In the bigger picture, rise from 114.42 (2020 low) is in progress. Next target is 100% projection of 124.37 to 148.38 from 138.81 at 162.82. For now, medium term outlook will remain bullish as long as 151.60 resistance turned support holds, even in case of deep pull back.

EUR/JPY Weekly Outlook

EUR/JPY stayed in range above 118.37 last week and outlook is unchanged. With 121.39 resistance intact, further decline is still expected. Break of 118.37 will resume the fall from 122.87 to 100% projection of 122.87 to 118.46 from 121.39 at 116.98 next. However, firm break of 121.39 will revive near term bullishness and bring retest of 122.87 resistance first.

In the bigger picture, outlook remains bearish as the cross is staying well inside falling channel established since 137.49 (2018 high). It was also just rejected by 55 week EMA. Break of 115.86 will extend the down trend from 137.49 (2018 high) to 114.84 support next.

In the long term picture, EUR/JPY is staying in long term sideway pattern, established since 2000. Fall from 137.49 is seen as a falling leg inside the pattern. This falling leg would target 109.48 (2016 low). With EUR/JPY staying below 55 month EMA (now at 125.13), this is the preferred case.

EUR/JPY Daily Outlook

Daily Pivots: (S1) 131.12; (P) 131.43; (R1) 131.94; More….

No change in EUR/JPY’s outlook. A short term bottom should be in place at 129.34, on bullish convergence condition in 4 hour MACD. Further rise is expected to 38.2% retracement of 137.49 to 129.34 at 132.45. Break will target 61.8% retracement at 134.37. However, decline 137.49 shouldn’t be finished yet. We’d still expect another fall at a later stage. And break of 129.34 will pave the way to 126.61 medium term fibonacci level

In the bigger picture, current development argues that rise from 109.03 has completed at 137.49, on bearish divergence condition in weekly MACD. Deeper fall should be seen to 38.2% retracement of 109.03 to 137.49 at 126.61 first. On the upside, break of 137.49 is needed to confirm medium term rise resumption. Otherwise, risk will now stay on the downside even in case of strong rebound.