Daily Pivots: (S1) 123.58; (P) 124.30; (R1) 124.75; More….

EUR/JPY’s fall continues to as low as 123..31 so far today. With a head and shoulder top formed, decline from 127.07 should be correcting the whole rise from 114.42. Intraday bias stays on the downside for 38.2% retracement of 114.42 to 127.07 at 122.23. On the downside, above 125.01 minor resistance will turn intraday bias neutral first. But risk will now stay on the downside as long as 127.07 resistance holds, even in case of strong recovery.

In the bigger picture, whole down trend from 137.49 (2018 high) could have completed at 114.42 already. Rise from 114.42 would target 61.8% retracement of 137.49 to 114.42 at 128.67 next. Sustained break there will pave the way to 137.49 (2018 high). This will remain the preferred case for now, as long as 119.31 support holds.

EUR/JPY gyrated higher last week but after all, it’s staying in consolidation from 127.48. Initial bias remains neutral this week first. In case of another fall, downside should be contained by 125.07 support to bring rebound. On the upside, firm break of 127.48 will resume larger rise from 114.42, and target 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.

In the long term picture, EUR/JPY is staying in long term sideway pattern, established since 2000. Another rising leg could have started for 137.49 resistance and above.

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.

EUR/JPY’s break of 142.84 resistance argues that corrective fall from 148.38 has completed at 137.37. Initial bias stays on the upside for further rally to 146.71 resistance. On the downside, though, below 142.33 minor support will dampen this bullish view, and turn intraday bias neutral again.

In the bigger picture, as long as 55 week EMA (now at 139.03) 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.

In the long term picture, outlook will stay bullish as long as 134.11 resistance turned support holds (2021 high). Sustained break of 149.76 (2014 high) will open up further rally, as resumption of the rise from 94.11 (2012 low), towards 169.96 (2008 high).

Daily Pivots: (S1) 159.79; (P) 160.10; (R1) 160.59; More….

Intraday bias in EUR/JPY remains neutral and consolidation from 160.84 could extend further. While another dip cannot be ruled out, outlook will stay bullish as long as 157.67 support holds. Break of 160.84 will resume larger up trend to 163.06 projection level next.

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.

Daily Pivots: (S1) 122.83; (P) 123.23; (R1) 123.45; More….

EUR/JPY’s break of 123.18 support now suggests that rebound from 121.63 has completed at 125.13, after rejection by 125.08 resistance. Intraday bias is back on the downside for retesting 121.63. Firm break there will resume the pattern from 127.07 with another fall to 119.31 key support level. On the upside, though, break of 123.66 minor resistance will turn bias back to the upside for 125.13 instead.

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 119.31 support holds. Break of 127.07 will target 61.8% retracement of 137.49 (2018 high) to 114.42 at 128.67 next. However, firm break of 119.31 will argue that the rise from 114.42 has completed and turn focus back to this low.

Daily Pivots: (S1) 148.01; (P) 149.22; (R1) 151.30; More….

Intraday bias in EUR/JPY remains on the upside for the moment. Current up trend should now target 153.64 projection level. On the downside, below 148.61 minor support will turn intraday bias neutral and bring consolidations first, before staging another rally.

In the bigger picture, current development indicates that rise from 114.42 (2020 low) is in progress. Next target is 61.8% projection of 124.37 to 148.38 from 138.81 at 153.64. Sustained break there will pave the way to 100% projection at 162.82. For now, medium term outlook will remain bullish as long as 138.81 support holds, even in case of deep pull back.

EUR/JPY’s up trend continued last week but turned sideway after hitting 157.99. Initial bias is neutral this week for consolidations. But further rally is 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.

In the long term picture, rise from 109.03 (2016 low) is seen as the third leg of the whole up trend from 94.11 (2012 low). Next target is 100% projection of 94.11 to 149.76 from 109.03 at 164.68, and possibly further to 169.96 (2008 high).

Daily Pivots: (S1) 128.85; (P) 129.20; (R1) 129.46; More….

Intraday bias in EUR/JPY remains neutral as consolidation from 129.96 is still extending. Further rise is expected with 127.48 support intact. On the upside, above 129.96 will resume the up trend from 121.63 to 100% projection of 121.63 to 127.48 from 125.07 at 130.92 next. However, firm break of 127.48 will turn bias to the downside, for deeper decline to 125.07 support.

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. Sustained trading above 61.8% retracement of 137.49 (2018 high) to 114.42 at 128.67 will pave the way to 137.49 resistance next.

Daily Pivots: (S1) 134.56; (P) 135.46; (R1) 135.91; More….

EUR/JPY’s decline continues today and it’s now pressing 134.11 key support turned resistance. Strong support could be seen from current level to complete the pattern from 144.26 high. Break of 135.85 minor resistance will turn bias back to the upside for stronger rebound. However, sustained break of 134.11 will carry larger bearish implications and target 161.8% projection of 144.26 to 136.85 from 142.31 at 130.32.

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.

Daily Pivots: (S1) 153.62; (P) 154.08; (R1) 154.67; More….

EUR/JPY recovered after falling to 153.32 and intraday bias is turned neutral first. Further decline is in favor as long as 155.66 minor resistance holds. Below 153.32 will target 55 D EMA (now at 152.36) and below. nevertheless, above 155.66 will turn bias back to the upside for retesting 157.99 high instead.

In the bigger picture, as long as 151.60 resistance turned support holds, rise from 114.42 (2020 low) is in progress. On resumption, next target is 100% projection of 124.37 to 148.38 from 138.81 at 162.82. Nevertheless, sustained break of 151.60 will argue that larger correction is already underway.

Daily Pivots: (S1) 138.45; (P) 138.83; (R1) 139.41; More….

EUR//JPY’s rally from 133.38 is still in progress. Intraday bias stays on the upside for 100% projection of 133.38 to 138.38 from 135.50 at 140.50. Decisive break there will indicate upside acceleration, and raise the chance of up trend resumption through 144.26 high. On the downside, below 137.66 minor support will turn intraday bias neutral again.

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’s rebound from 115.86 resumed last week and reached as high as 121.35. Initial bias stays on the upside this week with focus on 100% projection of 115.86 to 120.01 from 117.07 at 121.16. Sustained break there will pave the way to 161.8% projection at 123.78. On the downside, below 120.33 minor support will turn intraday bias neutral and bring consolidations, before staging another rally.

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. Decisive of 120.78 support turned resistance will affirm this case and bring further rise to falling channel resistance (now at 126.00). Reactions from there would decide whether the medium term has reversed. For now, further rise is expected as long as 117.07 support holds.

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, this is the preferred case.

Daily Pivots: (S1) 130.04; (P) 130.29; (R1) 130.60; More….

Intraday bias in EUR/JPY remains neutral for the moment. On the upside, decisive break of 130.65 will resume the whole rally from 114.42, for 100% projection of 114.42 to 127.07 from 121.63 at 134.28. On the downside, break of 129.56 minor support will extend the consolidation from 130.65 with another fall. Intraday bias will be turned back to the downside for 128.28 support.

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 137.49 (2018 high). Decisive break there will open up the possibility that it’s indeed resuming the up trend from 94.11 (2012 low).

Daily Pivots: (S1) 130.10; (P) 130.40; (R1) 130.62; More….

Intraday bias in EUR/JPY remains neutral for consolidation below 130.73 temporary top. Further rise is expected as long as 129.75 minor support holds. Corrective fall from 134.11 could have completed at 127.91 already. On the upside, break of 130.73 will resume the rebound from 127.91 to 132.68 resistance next. However, break of 129.75 will dampen this bullish view and bring retest of 127.91 low instead.

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.

Daily Pivots: (S1) 132.91; (P) 133.52; (R1) 134.56; More….

The break of 133.85 resistance argue that correction from 134.48 could be completed at 131.16 already. Intraday bias is on the upside for 134.48 first. Decisive break there will confirm up trend resumption. Next target will be 61.8% projection of 127.55 to 134.48 from 131.16 at 135.44 and then 100% projection at 138.09. On the downside, below 133.23 minor support will dampen the bullish case and turn bias neutral first.

In the bigger picture, medium term rise from 109.03 (2016 low) is seen as at the same degree as the down trend from 149.76 (2014 high) to 109.03 (2016 low). 61.8% retracement of 149.76 to 109.03 at 134.20 is already met. Sustained break there will pave the way to key long term resistance zone at 141.04/149.76. However, break of 127.55 support will argue that the medium term trend has reversed and will turn outlook bearish for deeper fall back to 114.84/124.08 support zone at least.

Daily Pivots: (S1) 129.43; (P) 129.87; (R1) 130.19; More….

EUR/JPY is staying in consolidation from 128.58 and intraday bias remains neutral at this point. Near term outlook stays bearish as long as 131.07 resistance holds. On the downside, break of 128.58 will resume the fall from 134.11, and target 127.07 resistance turned support next.

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, and open up the case for retesting 114.42.

Daily Pivots: (S1) 124.98; (P) 125.72; (R1) 126.15; More….

EUR/JPY is staying in consolidation from 127.07 and intraday bias remains neutral first. Larger rise is in favor to continue and break of 127.07 will resume the rally from 114.42, to 128.67 fibonacci level. Nevertheless, considering bearish divergence condition in daily MACD, firm break of 124.44 will confirm short term topping. Intraday bias will be turned back to the downside for 38.2% retracement of 114.42 to 127.07 at 122.23.

In the bigger picture, whole down trend from 137.49 (2018 high) could have completed at 114.42 already. Rise from 114.42 would target 61.8% retracement of 137.49 to 114.42 at 128.67 next. Sustained break there will pave the way to 137.49 (2018 high). This will remain the preferred case for now, as long as 119.31 support holds.

Daily Pivots: (S1) 144.45; (P) 145.30; (R1) 145.95; More….

Intraday bias in EUR/JPY stays neutral for the moment. On the downside, break of 144.32 minor support will extend the corrective pattern from 148.38 with another fall. Intraday bias will be back on the downside for 142.54 support first. On the upside, break of 147.09 will indicate that larger up trend is ready to resume through 148.38 high.

In the bigger picture, there is no clear sign of medium term topping yet. Up trend from 114.42 (2020 low) could still resume through 148.38 to 149.76 (2014 high). However, break of 137.32 support argue that a medium term correction has already started to correct the whole up trend from 114.42.

Daily Pivots: (S1) 139.75; (P) 141.09; (R1) 142.38; More….

Intraday bias in EUR/JPY stays mildly on the downside for 137.83 support first. Sustained break there will raise the chance of rejection by 144.06 long term projection level and target 132.63 support. On the upside, above 142.42 minor resistance will bring retest of 144.26 high instead.

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). Sustained trading above 100% projection of 114.42 to 134.11 from 124.37 at 144.06 will indicate upside acceleration and target 149.76 long term resistance (2014 high). In any case, outlook will remain bullish as long as 132.63 support holds, in case of deep pull back.