EUR/JPY’s decline from 133.47 and break of 132.03 minor support last week suggests that corrective rebound from 128.94 has completed. Initial bias remains mildly on the downside this week for retesting 128.94 low. Break there will resume whole decline from 137.49. On the upside, above 133.47 will extend the rebound. But we expect strong resistance from 61.8% retracement of 137.49 to 128.94 at 134.22 to limit upside and bring near term reversal eventually.

In the bigger picture, price action from 137.49 medium term top are developing into a corrective pattern. The first leg has completed at 128.94. The second leg might be finished at 133.47 or it might extend. But after all, we’d expect another decline through 128.94 to 38.2% retracement of 109.03 to 137.49 at 126.61 before completing the correction.

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) 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.

EUR/JPY’s down trend resumed last week and hit as low as 114.42. As a temporary low was formed, initial bias stays neutral this week first. Some consolidations might be seen but upside should be limited well below 117.77 resistance to bring another decline. On the downside, break of 114.42 should target 161.8% projection of 122.87 to 116.12 from 121.14 at 110.21 next.

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.

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 124.57), this is the preferred case.

Daily Pivots: (S1) 128.98; (P) 130.00; (R1) 130.50; More….

EUR/JPY drops to as low as 128.94 so far. Break of 129.34 indicates resumption of whole decline from 137.49. Intraday bias is back on the downside for 61.8% projection of 137.49 to 129.34 from 132.40 at 127.36 next. On the upside, break of 131.05 minor resistance is needed to indicate short term bottoming. Otherwise, outlook will remain bearish in case of recovery.

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 137.49 is needed to confirm medium term rise resumption. Otherwise, risk will now stay on the downside even in case of strong rebound.

EUR/JPY’s decline form 133.12 extended to as low as 128.32 last week but recovered. Initial bias is neutral this week first. Another fall is in favor as long as 130.29 minor resistance holds. Below 128.32 will target 127.85 support first. Break will confirm completion of rebound from 124.89 at 133.12 and bring retest of this low. However, considering bullish convergence condition in 4 hour MACD, break of 130.29 will in turn suggest completion of fall from 133.12. In this case, intraday bias will be turned back to the upside for retesting 133.12 high.

In the bigger picture, current development suggests that EUR/JPY could have 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 structural resistance will target 141.04/149.76 resistance zone next. This will be the preferred case as long as 127.85 near term support holds. However, break of 127.85 will turn focus back to 124.08 key support level.

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) 156.04; (P) 157.30; (R1) 159.22; More..

Intraday bias in EUR/JPY stays on the upside for the moment. Rebound from 153.15 should target 55 D EMA (now at 158.97). On the downside, break of 153.15 will resume whole fall from 164.39 to 61.8% retracement of 139.05 to 164.29 at 148.69.

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) 124.77; (P) 125.14; (R1) 125.65; More….

EUR/JPY continues lose upside moment after hitting 61.8% projection of 114.42 to 124.43 from 119.31 at 125.49. But there is no sign of topping yet. Firm break of 125.49 will pave the way to 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 137.59 (2018 high). This will remain the preferred case for now, as long as 55 day EMA (now at 121.32) 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) 129.93; (P) 130.54; (R1) 131.40; More….

Intraday bias in EUR/JPY remains mildly on the upside for 131.97 resistance. Break there will resume whole rebound from 124.61 and target 133.47 key resistance next. Break there will confirm the bullish case that fall from 137.49 has completed. On the downside, however, below 130.06 minor support will turn focus back to 129.10 instead.

In the bigger picture, for now, medium outlook remains cautiously bullish. the three wave structure of the fall from 137.49 to 124.61 argues that it’s a correction. Also, 124.08 key resistance turned support was defended. Break of 133.47 resistance will affirm the bullish case that rise from 109.03 (2016 low) is still in progress for another high above 137.49. And this will remain the favored case as long as 127.13 support holds.

Daily Pivots: (S1) 126.05; (P) 126.32; (R1) 126.51; More….

Intraday bias in EUR/JPY remains neutral first as upside momentum is week as seen in 4 hour MACD. Overall, with 124.23 cluster support (38.2% retracement of 118.62 to 127.50 at 124.10) intact, near term bullish ness is retained. On the upside, break of 127.50 will target 129.50 resistance next. On the downside, however, decisive break of 124.10/23 should confirm completion of whole rebound from 118.61. Deeper fall should at least be seen to 61.8% retracement at 122.01 and below. In this case, the chance of resuming larger down trend will also increase.

In the bigger picture, current development argues that medium term decline from 137.49 (2018 high) has completed with three waves down to 118.62 already. Decisive break of 133.12 resistance will confirm this bullish case. And whole up trend from 109.03 (2016 low) might resume through 137.49 in that case. On the downside, break of 124.23 support will invalidate this case. And in such case, the down trend from 137.49 could possibly resume through 118.62.

Daily Pivots: (S1) 124.48; (P) 125.07; (R1) 125.43; More….

EUR/JPY is still holding on to 124.44 support and intraday bias remains neutral first. On the downside, firm break of 124.44 should confirm short term topping at 127.07, on bearish divergence condition in daily MACD. Intraday bias will be turned to the downside for 55 day EMA (now at 123.95) and further to 38.2% retracement of 114.42 to 127.07 at 122.23. Nevertheless, rebound from the current level and break of 127.07 will resume the 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 119.31 support holds.

Daily Pivots: (S1) 116.21; (P) 116.72; (R1) 117.66; More…..

EUR/JPY’s break of 117.77 resistance today confirms short term bottoming at 114.42. More importantly, whole decline from 122.87 might be completed too. Intraday bias stays on the upside for 121.14 resistance next. On the downside, 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’s rebound from 129.34 was limited by 38.2% retracement of 137.49 to 129.34 at 132.45 and completed at 132.40. Initial bias stays on the downside for 129.34 low first. Break will resume whole fall from 137.49 and target 126.61 medium term fibonacci level. In case of another rise, we’d continue to expect strong resistance from 132.45 to limit upside.

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. 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.

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) 132.36; (P) 132.63; (R1) 132.95; More….

EUR/JPY’s rise continue with weak upside momentum as seen in 4 hour MACD. While further rebound could be seen, upside will now likely be limited by 61.8% retracement of 137.49 to 128.94 at 134.22 and below. On the downside, below 132.10 minor support will suggests that the rebound from 128.94 might have completed. And, intraday bias will be turned back to the downside for retesting 128.94 low.

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.

Daily Pivots: (S1) 120.71; (P) 121.17; (R1) 122.01; More…..

Intraday bias in EUR/JPY is turned neutral with today’s recovery. But further fall will remain in favor with 122.51 minor resistance intact. Sustained trading below 38.2% retracement of 114.42 to 124.43 at 120.60 will pave the way to 61.8% retracement at 118.24. On the upside, though, break of 122.51 minor resistance will turn bias back to the upside for retesting 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 118.89) 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) 126.61; (P) 127.59; (R1) 128.55; More….

Intraday bias in EUR/JPY remains mildly on the downside. Rebound from 124.61 could have finished at 130.33 already, after rejection by 55 day EMA. Deeper fall would be seen back to 124.08/61 support zone. On the upside, break of 128.50 minor resistance is needed to indicate completion of the fall. Otherwise, deeper decline will remain in favor even in case of recovery.

In the bigger picture, despite rebounding strongly ahead of 124.08 resistance turned support, there was no clear follow through buying. Note again that there is bearish divergence in daily MACD. Firm break of 124.08 will confirm trend reversal. That is, whole rise from 109.03 (2016 low) has completed at 137.49 already. In that case, deeper fall should be seen back to 61.8% retracement of 109.03 to 137.49 at 119.90 and below. Nonetheless, decisive break of 133.47 key resistance will likely extend the rise from 109.03 through 137.49 high.

Daily Pivots: (S1) 130.52; (P) 131.01; (R1) 131.98; More….

Intraday bias in EUR/JPY is turned neutral with current recovery. 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 gyrated lower last week and the breach of 130.86 resistance turned support argues that rise from 124.89 might be over. Initial bias is mildly on the downside this week for 55 day EMA (now at 130.17). Break will bring deeper fall to 127.85 support and below. On the upside, break of 131.95 minor resistance will turn bias back to the upside for 133.12 resistance instead.

In the bigger picture, current development suggests that EUR/JPY could have 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 structural resistance 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.

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) 128.06; (P) 128.38; (R1) 128.98; More….

Focus is now on 128.94 support turned resistance. Decisive break there will argue that fall from 137.49 has completed 124.61, ahead of 124.08 key support level. The three wave structure will indicate it’s a correction and the larger rally is not completed. In that case, further rise should be seen to 133.47 resistance next. On the downside, below 127.17 minor support will indicate rejection from 128.94 and bring retest of 124.61 first.

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) 130.49; (P) 130.84; (R1) 131.45; More….

Intraday bias remains neutral as consolidative trading continues in range of 1.2894/132.40. With 132.40 resistance intact, near term outlook remains bearish and further 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) 128.61; (P) 129.13; (R1) 129.53; More….

EUR/JPY’s fall accelerates to as low as 128.37 so far today. Break of 128.60 minor support suggests that rebound from 126.63 has completed at 130.14. And, with 130.20 resistance intact, fall from 133.12 is still in progress. Intraday bias is back on the downside for 124.61/89 support zone. On the upside, break of 130.14 resistance is now needed to confirm rise resumption. Otherwise, near term outlook will stay cautiously bearish in case of recovery.

In the bigger picture, as long as 124.08 key resistance turn supported holds, larger up trend from 109.03 (2016 low) is still in progress. Firm break of 137.49 structural resistance will target 141.04/149.76 resistance zone next. However, decisive break of 124.08 will argue that such rise from 109.03 has completed and turn outlook bearish. In that case, deeper fall would be seen to 61.8% retracement of 109.03 to 137.49 at 119.90.