EUR/JPY edged higher to 125.58 last week but lost momentum after touching 61.8% projection of 114.42 to 124.43 from 119.31 at 125.49. Initial bias is neutral this week first. Further rise will remain in favor as long as 123.01 support holds. On the upside, firm break of 125.58 will target 100% projection at 129.32. However, break of 123.01 support will now confirm short term topping. In this case, deeper fall would be seen to 55 day EMA (now at 121.81) to correct the whole rise from 114.42.

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 55 day EMA (now at 121.81) holds. However, sustained break of 55 day EMA will revive medium term bearishness for another low below 114.42 at a later stage.

In the long term picture, EUR/JPY is staying in long term sideway pattern, established since 2000. Sustained break of 55 month EMA (now at 124.54) should confirm the start of another medium term rising leg.

Daily Pivots: (S1) 134.50; (P) 135.15; (R1) 135.72; More….

Intraday bias in EUR/JPY remains neutral for the moment. Corrective pattern from 139.99 could still extend lower. On the downside, break of 132.63 will resume the fall and target 61.8% retracement of 124.37 to 139.99 at 130.33. On the upside, break of 138.33 will indicate that the correction has completed, and bring retest of 139.99 high next.

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.

Daily Pivots: (S1) 131.51; (P) 131.86; (R1) 132.49; More….

Intraday bias in EUR/JPY remains neutral first. Correction from 134.11 could still extend lower. Below 130.02 will target 38.2% retracement of 121.63 to 134.11 at 129.34. We’d expect strong support from there to bring rebound. On the upside, break of 132.63 should suggest that the correction has completed and bring retest of 134.11 high.

In the bigger picture, rise from 114.42 is seen as a medium term rising leg inside a long term sideway pattern. 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). For now, outlook will stay bullish as long as 127.07 resistance turned support holds, in case of pull back.

EUR/JPY surged to as high as 124.29 last week but failed to break through 124.43 resistance and retreated. Initial bias is neutral this week first. Further rally will remain in favor as long as 121.96 support holds. On the upside, firm break of 124.43 will resume the rise from 114.42 to 61.8% projection of 114.42 to 124.43 from 119.31 at 125.49. On the downside, however, break of 121.96 will turn bias to the downside for 119.31 support instead.

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 137.59 (2018 high). This will remain the preferred case for now, as long as 55 day EMA (now at 120.80) holds. However, sustained break of 55 day EMA will revive medium term bearishness for another low below 114.42 at a later stage.

In the long term picture, EUR/JPY is staying in long term sideway pattern, established since 2000. Sustained break of 55 month EMA (now at 124.50) should confirm the start of another medium term rising leg.

Daily Pivots: (S1) 120.56; (P) 121.31; (R1) 121.69; More….

Intraday bias in EUR/JPY remains on the downside as this point. Current fall from 127.50 is targeting a retest on 118.62 low next. On the upside, above 122.08 support turned resistance will turn intraday bias neutral first. But recovery should be limited below 123.73 resistance to bring fall resumption.

In the bigger picture, down trend from 137.49 is still in progress with the cross staying inside long term falling channel. Break of 118.62 will extend the fall to 109.48 (2016 low). On the upside, break of 123.73 resistance is needed to be the first sign of medium term reversal. Otherwise, outlook will remain bearish in case of strong rebound.

Daily Pivots: (S1) 122.83; (P) 123.35; (R1) 124.18; More….

Intraday bias in EUR/JPY remains mildly on the upside as rebound from 118.62 is extending. Strong resistance should be see around 124.61 key resistance to limit upside. On the downside, break of 121.80 minor support will turn bias back to the downside for retesting 118.62 low first. Overall, larger down trend is expected to resume later after the consolidation completes.

In the bigger picture, medium term rebound from 109.03 (2016 low) has completed at 137.49 already, with corrective structure. Fall from 137.39 is seen as a medium term fall, resuming the decline from 149.76 (2014 high). Such decline should break through 109.03 low next. This will remain the preferred case as long as 124.61 support turned resistance holds. Sustained break of 124.61 will mix up the outlook and we’ll reassess on the final structure of the rebound from 118.62.

Daily Pivots: (S1) 128.06; (P) 128.38; (R1) 128.98; More….

EUR/JPY’s strong rally today and firm break of 128.94 support turned resistance suggests that decline from 137.49 has completed at 124.61 already. The three wave structure in turn suggests that it’s a correction. And that larger rise is not finishe3d yet. Intraday bias in now on the upside for 131.34 resistance first. Break will target 133.47 key resistance next. On the downside, break of 127.78 support is now needed to indicate completion of the rebound. Otherwise, outlook will stay cautiously bullish in case of retreat.

In the bigger picture, as long as 124.08 resistance turned support holds, medium term rise from 109.03 (2016 low) is still in progress and another high above 137.49 would be seen. Nonetheless, considering bearish divergence condition in daily MACD, decisive break of 124.08 will confirm medium term reversal and target 61.8% retracement of 109.03 to 137.49 at 119.90 and below.

Daily Pivots: (S1) 121.54; (P) 122.08; (R1) 122.90; More…..

Intraday bias in EUR/JPY remains on the upside at this point. Current rise from 114.42 should target 122.87 key resistance. On the downside, break of 121.24 minor support will turn intraday bias neutral first, before staging another rally.

In the bigger picture, the case of bullish trend reversal is starting to build up as rise from 114.42 is accelerating. Sustained trading below the channel resistance (now at 121.07), will argue that whole down trend from 137.49 (2018 high) has completed at 114.42. Further break of 122.87 resistance will confirm and turn outlook bullish.

Daily Pivots: (S1) 120.68; (P) 120.83; (R1) 121.05; More…..

EUR/JPY’s recovery from 119.31 resumed by taking out 121.48 temporary top. Intraday bias is mildly on the upside for 122.11 resistance. As long as 122.11 resistance holds, fall from 124.43 is expected to resume sooner or later. Break of 120.58 minor support will turn bias to the downside for 119.31 support. Break will target 61.8% retracement of 114.42 to 124.43 at 118.24. On the upside, however, break of 122.11 will argue that fall from 124.43 has completed. Stronger rise would be seen to retest 124.43.

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 137.59 (2018 high). This will remain the preferred case for now, as long as 55 day EMA (now at 119.60) holds. However, sustained break of 55 day EMA will revive medium term bearishness for another low below 114.42 at a later stage.

No change in EUR/JPY’s outlook as it continued to stay in consolidative trading between 128.94/132.40 last week. Initial bias remains neutral this week first. Also, as long as 132.40 holds, near term outlook remains bearish for deeper fall. On the downside, break of 128.94 will extend the whole fall from 137.49 to 126.61 medium term fibonacci level next. Nonetheless, break of 132.40 should confirm short term bottoming and turn bias back to the upside for stronger rebound.

In the bigger picture, current development argues that rise from 109.03 (2016 low) 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. Sustained break there would pave the way to 61.8% retracement at 119.90. On the upside, break of 132.40 resistance will indicate that the pull back is completed and bring retest of 137.49. But still, break of 137.49 is needed to confirm medium term rise resumption. Otherwise, outlook is neutral at best for consolidations.

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.

Daily Pivots: (S1) 157.42; (P) 157.73; (R1) 158.24; More…

EUR/JPY’s rebound from 153.15 is resuming by breaking 158.97 resistance. Intraday bias is back on the upside. Next target is 100% projection of 153.15 to 158.55 from 155.06 at 160.46. For now, further rise will remain in favor as long as 157.19 support holds, in case of retreat.

In the bigger picture, price actions from 164.29 medium term top are tentatively seen as a correction to rise from 139.05 for now. As long as 148.48 resistance turned support holds (2022 high), larger up trend from 114.42 (2020 low) could still resume through 164.29 at a later stage.

Daily Pivots: (S1) 123.32; (P) 124.75; (R1) 125.68; More….

Intraday bias in EUR/JPY remains on the downside at this point. Prior break of 124.27 support firstly indicates resumption of fall from 127.50. Secondly it argues that rebound from 118.62 might be completed. Deeper decline would be seen to 61.8% retracement of 118.62 to 127.50 at 122.01. On the upside, above 125.08 minor resistance will turn intraday bias neutral first.

In the bigger picture, rebound from 118.62 might have completed earlier than expected at 127.50. EUR/JPY is held well inside medium term falling channel, and below 55 week EMA (now at 127.86). That is, the down trend from 137.49 (2018 high) might still be in progress. Break of 118.62 will target 109.03/114.84 long term support zone. On the upside, however, break of 127.50 will extend the rebound from 118.62 to 133.12 key resistance instead.

Daily Pivots: (S1) 119.47; (P) 119.73; (R1) 120.02; More…..

Intraday bias in EUR/JPY remains mildly on the upside at this point. Current rise from 114.42 should at least be correcting the fall from 122.87. Further rally should be seen to 121.14 resistance next. Sustained break there will target 122.87 key resistance. On the downside, below 118.85 minor support will turn intraday bias neutral first. But further rise will remain in favor as long as 117.11 support holds.

In the bigger picture, there is no clear sign of trend reversal yet. EUR/JPY is staying 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’s rise from 137.37 resumed last week and hit as high as 147.14. Initial bias remains on the upside for retesting 148.38 high. Firm break there will resume larger up trend. On the downside, below 145.77 minor support will turn intraday bias neutral and bring consolidations. But outlook will stay cautiously bullish as long as 142.53 support holds, in case of retreat.

In the bigger picture, as long as 55 W EMA (now at 140.18) holds, larger up trend from 114.42 (2020 low) is still in progress for 149.76 long term resistance. Decisive break there will resume long term up trend. However, sustained break of 55 W EMA will bring deeper fall to 38.2% retracement of 114.42 to 148.38 at 135.40.

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) 142.46; (P) 143.36; (R1) 144.77; More….

EUR/JPY retreats mildly but intraday bias stays on the upside. Sustained break of 144.06 long term projection level could bring even further medium term upside acceleration. Next near term target is 100% projection of 124.37 to 139.99 from 132.63 at 148.25. On the downside, below 141.36 minor support will turn intraday bias neutral and bring consolidations first.

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.

Daily Pivots: (S1) 129.82; (P) 130.59; (R1) 131.98; More….

EUR/JPY’s rebound form 128.94 extends to as high as 131.80 so far. However, it’s still limited below 132.40 resistance. Intraday bias remains neutral with outlook staying bearish. Another decline is expected. On the downside break of 128.94 will extend the whole fall from 137.49 to 126.61 medium term fibonacci level next. Nonetheless, break of 132.40 should confirm short term bottoming and turn bias back to the upside for stronger rebound.

In the bigger picture, current development argues that rise from 109.03 (2016 low) 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. Sustained break there would pave the way to 61.8% retracement at 119.90. On the upside, break of 132.40 resistance will indicate that the pull back is completed and bring retest of 137.49. But still, break of 137.49 is needed to confirm medium term rise resumption. Otherwise, outlook is neutral at best for consolidations.

Daily Pivots: (S1) 123.87; (P) 124.22; (R1) 124.53; More….

EUR/JPY’s rebound lost momentum after hitting 124.57, below 125.13 resistance. Intraday bias is turned neutral again. On the upside, firm break of 125.13 will revive the case that correction from 127.07 has completed. Further rally would be seen back to retest this high. On the downside, though, break of 122.84 will turn bias back to the downside for 121.63 support 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) 119.67; (P) 120.05; (R1) 120.79; More…..

A temporary low is formed in EUR/JPY at 119.31 with current recovery. intraday bias is turned neutral first. Fall form 124.43 short term top is still in favor to continue as long as 122.11 resistance holds. Break of 119.31 will target 61.8% retracement of 114.42 to 124.43 at 118.24. However, break of 122.11 will turn bias back to the upside for retesting 124.43 instead.

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 137.59 (2018 high). This will remain the preferred case for now, as long as 55 day EMA (now at 119.22) holds. However, sustained break of 55 day EMA will revive medium term bearishness for another low below 114.42 at a later stage.

Daily Pivots: (S1) 161.86; (P) 162.27; (R1) 162.59; More…

EUR/JPY’s rally from 160.20 accelerates higher today and intraday bias stays on the upside for 163.70 resistance. Decisive break there will resume larger rally from 153.15 for 164.29 high. On the downside, below 161.94 minor support will delay the bullish case and turn intraday bias neutral first. But outlook will stay bullish as long as 160.20 support holds.

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).

Daily Pivots: (S1) 131.86; (P) 132.41; (R1) 132.80; More….

The corrective rise from 128.94 is likely completed at 133.08, on bearish divergence condition in 4 hour MACD. Intraday bias is mildly on the downside for retesting 128.95 low. On the upside, above 133.08 will extend such rebound. But even in that case, upside will likely be limited by 61.8% retracement of 137.49 to 128.94 at 134.22 and below.

In the bigger picture, price action from 137.49 medium term top are developing into a corrective pattern. Strong support from 55 week EMA (now at 129.91) suggests that the first leg has completed at 128.94 already. Nonetheless, break of 137.49 is needed to confirm resumption of the rise from 109.03 (2016 low). Otherwise, we’d expect more corrective range trading, with risk of another fall to 38.2% retracement of 109.03 to 137.49 at 126.61 before completion.