EURJPY Outlook

Daily Pivots: (S1) 186.60; (P) 186.86; (R1) 187.11; More...

EUR/JPY dips mildly today as consolidation from 187.93 extends. Intraday bias stays neutral at this point. Strong support is expected from 38.2% retracement of 182.56 to 187.93 at 185.87 to bring rebound. On the upside, firm break of 187.93 will resume larger up trend. However, further break of 185.87 will bring deeper fall to 184.75 resistance turned support instead.

In the bigger picture, up trend from 114.42 (2020 low) is in progress. Next target is 78.6% projection of 124.37 (2022 low) to 175.41 (2025 high) from 154.77 at 194.88 next. For now, medium term outlook will stay bullish as long as 180.78 support holds, even in case of deeper pullback.

Daily Pivots: (S1) 186.53; (P) 186.71; (R1) 186.99; More...

Intraday bias in EUR/JPY remains neutral for the moment and more consolidations would be seen first. In case of another fall, downside should be contained by 38.2% retracement of 182.56 to 187.93 at 185.87 to bring rebound. On the upside, firm break of 187.93 will resume larger up trend.

In the bigger picture, up trend from 114.42 (2020 low) is in progress. Next target is 78.6% projection of 124.37 (2022 low) to 175.41 (2025 high) from 154.77 at 194.88 next. For now, medium term outlook will stay bullish as long as 180.78 support holds, even in case of deeper pullback.

EUR/JPY stayed in sideway trading last week and the development suggests that it's merely in a near term consolidations. Initial bias remains neutral this week first. In case of another fall, downside should be contained by 38.2% retracement of 182.56 to 187.93 at 185.87 to bring rebound. On the upside, firm break of 187.93 will resume larger up trend.

In the bigger picture, up trend from 114.42 (2020 low) is in progress. Next target is 78.6% projection of 124.37 (2022 low) to 175.41 (2025 high) from 154.77 at 194.88 next. For now, medium term outlook will stay bullish as long as 180.78 support holds, even in case of deeper pullback.

In the long term picture, up trend from 94.11 (2021 low) is in progress. Next target is 138.2% projection of 94.11 to 149.76 (2014 high) from 114.42 (2020 low) at 191.32. This will remain the favored case as long 55 W EMA (now at 177.29) holds.