Wed, Apr 01, 2020 @ 23:51 GMT

EUR/JPY Daily Outlook

Daily Pivots: (S1) 118.63; (P) 119.04; (R1) 119.36;More….

EUR/JPY’s sharp fall today and strong break of 118.46 support confirms resumption of whole decline from 122.87. Intraday bias now on the downside for 115.86 low first. Decisive break there will confirm larger down trend resumption. Next near term target will be 161.8% projection of 122.87 to 118.46 from 121.39 at 114.25. On the upside, break of 118.46 support turned resistance is needed to signal short term bottoming. Otherwise, outlook will remain bearish in case of recovery.

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 rejected by 55 week EMA. Break of 115.86 will extend the down trend from 137.49 (2018 high) to 109.48 (2016 low) next.

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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.

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EUR/JPY Daily Outlook

Daily Pivots: (S1) 118.89; (P) 119.44; (R1) 119.89; More….

Intraday bias in EUR/JPY remains neutral first. Further decline remains mildly in favor with 121.39 resistance intact. larger rebound from 115.86 should have completed at 122.87. Break of 118.37 will target 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.

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EUR/JPY Daily Outlook

Daily Pivots: (S1) 119.14; (P) 119.63; (R1) 120.24; More….

Outlook in EUR/JPY remains unchanged as sideway trading continues. Intraday bias remains neutral first. Further decline remains mildly in favor with 121.39 resistance intact. larger rebound from 115.86 should have completed at 122.87. Break of 118.37 will target 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.

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EUR/JPY Daily Outlook

Daily Pivots: (S1) 119.12; (P) 120.04; (R1) 120.54; More….

Intraday bias in EUR/JPY remains neutral and outlook is unchanged. Further decline remains mildly in favor with 121.39 resistance intact. larger rebound from 115.86 should have completed at 122.87. Break of 118.37 will target 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.

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EUR/JPY Daily Outlook

Daily Pivots: (S1) 119.24; (P) 120.00; (R1) 121.36; More….

Intraday bias in EUR/JPY remains neutral first. Further decline remains mildly in favor with 121.39 resistance intact. larger rebound from 115.86 should have completed at 122.87. Break of 118.37 will target 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.

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EUR/JPY Daily Outlook

Daily Pivots: (S1) 118.16; (P) 119.41; (R1) 120.44; More….

Intraday bias in EUR/JPY is turned neutral after current strong recovery. But further fall is expected with 121.39 resistance intact. larger rebound from 115.86 should have completed at 122.87. Break of 118.37 will target 100% projection of 122.87 to 118.46 from 121.39 at 116.98 next.

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.

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EUR/JPY Weekly Outlook

EUR/JPY dropped to as low as 118.37 last week and breach of 118.46 support suggests resumption of whole decline from 122.87. Also, the development revises the case that larger rebound from 115.86 has completed at 122.87 already. Initial bias stays on the downside this week for 100% projection of 122.87 to 118.46 from 121.39 at 116.98 next. For now, risk will remain on the downside as long as 121.39 resistance holds, in case of recovery.

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 125.42), this is the preferred case.

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EUR/JPY Daily Outlook

Daily Pivots: (S1) 120.03; (P) 120.54; (R1) 121.12; More….

Intraday bias in EUR/JPY remains neutral for the moment. On the downside, below 119.41 will target 118.46 support. Firm break there will resume whole fall from 122.87. On the upside, above 121.39 will revive near term bullish and target a retest on 122.87 high instead.

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.

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EUR/JPY Daily Outlook

Daily Pivots: (S1) 119.72; (P) 120.15; (R1) 120.55; More….

EUR/JPY lost downside momentum after hitting 119.41 and recovered. Intraday bias is turned neutral first. On the downside, below 119.41 will target 118.46 support. Firm break there will resume whole fall from 122.87. On the upside, above 121.39 will revive near term bullish and target a retest on 122.87 high instead.

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.

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EUR/JPY Daily Outlook

Daily Pivots: (S1) 119.36; (P) 119.95; (R1) 120.49; More….

At this point, further fall is mildly in favor in EUR/JPY to retest 118.46 support. Break will resume whole decline from 122.87. On the upside, above 120.53 minor resistance will turn bias neutral first. Further break of 121.39 will resume the rebound to retest 122.87 high instead.

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.

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EUR/JPY Daily Outlook

Daily Pivots: (S1) 119.68; (P) 120.38; (R1) 120.85; More….

Intraday bias in EUR/JPY is turned back to the downside as rebound from 118.46 halted after hitting 121.39. Deeper fall might be seen back to retest 118.46. On the upside, above 121.39 will resume the rebound to retest 122.87 high instead.

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.

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EUR/JPY Daily Outlook

Daily Pivots: (S1) 120.49; (P) 120.92; (R1) 121.48; More….

With 120.09 minor support intact, further rise is still in favor in EUR/JPY, for 122.87 resistance. Current development argues that larger rebound from 115.85 is still in progress. Break of 122.87 will confirm this bullish case. On the downside, however, break of 120.09 minor support will turn bias back to the downside for retesting 118.46 instead.

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.

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EUR/JPY Weekly Outlook

EUR/JPY edged lower to 118.46 last week but reversed from there. Break of 121.15 resistance argues that fall from 122.87 has completed with three waves down to 118.46. That in turn argues that larger rise from 115.86 is not finished. Initial bias remains on the upside this week for retesting 122.87 resistance. On the downside, however, break of 120.09 minor support will turn bias back to the downside for retesting 118.46 instead.

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 125.42), this is the preferred case.

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EUR/JPY Daily Outlook

Daily Pivots: (S1) 120.20; (P) 120.80; (R1) 121.50; More….

Intraday bias in EUR/JPY on the upside for the moment. Rise from 118.46 should target 122.87 resistance next. Break will resume whole rise from 115.86 low. On the downside, though, break of 120.09 minor support will turn bias to the downside for retesting 118.46 low instead.

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.

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EUR/JPY Daily Outlook

Daily Pivots: (S1) 119.11; (P) 119.80; (R1) 121.03; More….

EUR/JPY’s rebound from 118.46 extends higher today. Upside accelerate argues that fall from 122.87 might have completed with three waves down to 118.46 already. And larger rise from 115.86 might still be in progress. Intraday bias is now on the upside for 121.15 resistance first. Break will target 122.87 high. On the downside, though, break of 119.91 minor support will turn bias to the downside for retesting 118.46 low instead.

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.

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EUR/JPY Mid-Day Outlook

Daily Pivots: (S1) 118.35; (P) 118.71; (R1) 118.95; More….

A temporary low is formed at 118.46 with today’s recovery. Intraday bias is turned neutral first. We’re holding on to the bearish view that whole corrective rise from 115.86 has completed at 122.87 already. Current recovery should be limited well below 121.15 resistance to bring another decline. Break of 118.46 should pave the way to retest 115.86 low.

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.

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EUR/JPY Daily Outlook

Daily Pivots: (S1) 118.35; (P) 118.71; (R1) 118.95; More….

Intraday bias in EUR/JPY stays on the downside with 109.22 minor resistance intact. Current fall from 122.87 should target 100% projection of 122.87 to 119.77 from 121.15 at 118.05 next. On the upside, above 119.22 minor resistance will turn intraday bias neutral first. But recovery should be limited well below 121.15 resistance to bring fall resumption.

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.

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EUR/JPY Daily Outlook

Daily Pivots: (S1) 118.93; (P) 119.06; (R1) 119.22; More….

EUR/JPY’s decline continues today and hits as low as 118.73 so far. Intraday bias remains on the downside. Current fall from 122.87 should target 100% projection of 122.87 to 119.77 from 121.15 at 118.05 next. On the upside, above 119.22 minor resistance will turn intraday bias neutral first. But recovery should be limited well below 121.15 resistance to bring fall resumption.

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.

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EUR/JPY Daily Outlook

Daily Pivots: (S1) 118.77; (P) 119.00; (R1) 119.13; More….

Intraday bias in EUR/JPY remains on the downside at this point. Fall from 122.87 should target 100% projection of 122.87 to 119.77 from 121.15 at 118.05 next. On the upside, above 119.55 minor resistance will turn intraday bias neutral first. But recovery should be limited well below 121.15 resistance to bring fall resumption.

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.

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