Thu, Apr 09, 2020 @ 20:26 GMT

EUR/JPY Daily Outlook

Daily Pivots: (S1) 120.01; (P) 120.56; (R1) 121.11; More…

EUR/JPY is staying in consolidation below 121.18 temporary top. Intraday bias remains neutral at this point. As noted before, corrective fall from 124.08 has completed at 118.23 already, after defending 118.45 cluster support (38.2% retracement of 109.20 to 124.08 at 118.39). Thus, further rise is in favor. On the upside, decisive break of 121.32 resistance should confirm this case and target 124.08 high next. However, break of 119.45 support should invalidate this bullish view and would likely extend the fall from 124.08 through 118.23.

In the bigger picture, price actions from 109.20 medium term bottom are seen as part of a medium term corrective pattern from 149.76. Strong rebound from 118.45 resistance turned support suggests that it’s still in progress. Break of 124.08 will target 126.09 key resistance level. We’d be cautious on strong resistance there to limit upside. However, sustained break there will be a strong sign of medium term momentum and could target 141.04 resistance next.

EUR/JPY 4 Hours Chart

EUR/JPY Daily Chart

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EUR/JPY Daily Outlook

Daily Pivots: (S1) 120.30; (P) 120.50; (R1) 120.63; More…

Intraday bias in EUR/JPY stays neutral for consolidation below 121.18 temporary top. We’re holding on to the view that corrective fall from 124.08 has completed at 118.23 already, after defending 118.45 cluster support (38.2% retracement of 109.20 to 124.08 at 118.39). Decisive break of 121.32 resistance should confirm this case and target 124.08 high next. However, break of 119.45 support should invalidate this bullish view and would likely extend the fall from 124.08 through 118.23.

In the bigger picture, price actions from 109.20 medium term bottom are seen as part of a medium term corrective pattern from 149.76. Strong rebound from 118.45 resistance turned support suggests that it’s still in progress. Break of 124.08 will target 126.09 key resistance level. We’d be cautious on strong resistance there to limit upside. However, sustained break there will be a strong sign of medium term momentum and could target 141.04 resistance next.

EUR/JPY 4 Hours Chart

EUR/JPY Daily Chart

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EUR/JPY Daily Outlook

Daily Pivots: (S1) 120.18; (P) 120.66; (R1) 120.97; More…

A temporary top is in place at 121.18 in EUR/JPY and intraday bias is turned neutral first. At this point, we’re still favoring the case that corrective fall from 124.08 has completed at 118.23 already, after defending 118.45 cluster support (38.2% retracement of 109.20 to 124.08 at 118.39). Decisive break of 121.32 resistance should confirm this case and target 124.08 high next. However, break of 119.45 support should invalidate this bullish view and would likely extend the fall from 124.08 through 118.23.

In the bigger picture, price actions from 109.20 medium term bottom are seen as part of a medium term corrective pattern from 149.76. Strong rebound from 118.45 resistance turned support suggests that it’s still in progress. Break of 124.08 will target 126.09 key resistance level. We’d be cautious on strong resistance there to limit upside. However, sustained break there will be a strong sign of medium term momentum and could target 141.04 resistance next.

EUR/JPY 4 Hours Chart

EUR/JPY Daily Chart

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EUR/JPY Daily Outlook

Daily Pivots: (S1) 120.35; (P) 120.75; (R1) 121.50; More…

EUR/JPY dips notably today, ahead of 121.32 resistance. But with 120.01 minor support intact, intraday bias stays on the upside first. Current development suggests that corrective fall from 124.08 has completed at 118.23 already, after defending 118.45 cluster support (38.2% retracement of 109.20 to 124.08 at 118.39). Decisive break of 121.32 should confirm this year and target 124.08 high next. On the downside, though, below 120.01 minor support will dampen this bullish case and turn focus back to 118.23 low.

In the bigger picture, price actions from 109.20 medium term bottom are seen as part of a medium term corrective pattern from 149.76. Strong rebound from 118.45 resistance turned support suggests that it’s still in progress. Break of 124.08 will target 126.09 key resistance level. We’d be cautious on strong resistance there to limit upside. However, sustained break there will be a strong sign of medium term momentum and could target 141.04 resistance next.

EUR/JPY 4 Hours Chart

EUR/JPY Daily Chart

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EUR/JPY Weekly Outlook

EUR/JPY’s strong rebound last week argues that corrective fall from 124.08 has completed at 118.23 already, after defending 118.45 cluster support (38.2% retracement of 109.20 to 124.08 at 118.39). Initial bias remains on the upside this week for 121.32 resistance first. Decisive break there will confirm and target 124.08 high next. On the downside, though, below 120.01 minor support will dampen this bullish case and turn focus back to 118.23 low.

In the bigger picture, price actions from 109.20 medium term bottom are seen as part of a medium term corrective pattern from 149.76. Strong rebound from 118.45 resistance turned support suggests that it’s still in progress. Break of 124.08 will target 126.09 key resistance level. We’d be cautious on strong resistance there to limit upside. However, sustained break there will be a strong sign of medium term momentum and could target 141.04 resistance next.

In the long term picture, medium term decline from 149.76 is seen as part of a long term sideway pattern from 88.96. Decisive break of 126.09 will indicate that such decline is completed and EUR/JPY has started another medium term rally already. Before that, deeper fall is mildly in favor towards 94.11 low.

EUR/JPY 4 Hours Chart

EUR/JPY Daily Chart

EUR/JPY Weekly Chart

EUR/JPY Monthly Chart

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EUR/JPY Daily Outlook

Daily Pivots: (S1) 119.34; (P) 119.77; (R1) 120.37; More…

Intraday bias in EUR/JPY remains on the upside for 121.32 resistance. The corrective fall from 124.08 could have completed at 118.23, after defending 118.45 cluster support (38.2% retracement of 109.20 to 124.08 at 118.39). Break of 121.31 will bring retest of 124.08 resistance. On the downside sustained break of 118.39/45 will argue that whole rise from 109.20 has completed and turn outlook bearish for 61.8% retracement at 114.88 and below.

In the bigger picture, price actions from 109.20 medium term bottom are seen as part of a medium term corrective pattern from 149.76. There is prospect of another rise towards 126.09 key resistance level before completion. But even in that case, we’d expect strong resistance between 126.09 and 141.04 to limit upside, at least on first attempt. Nonetheless, decisive break of 118.45 cluster support (38.2% retracement of 109.20 to 124.08 at 118.39) will argue that rise from 109.20 is completed and turn outlook bearish for 61.8% retracement at 114.88 and below.

EUR/JPY 4 Hours Chart

EUR/JPY Daily Chart

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EUR/JPY Daily Outlook

Daily Pivots: (S1) 118.79; (P) 119.09; (R1) 119.51; More…

EUR/JPY’s rebound and breach of 119.85 minor resistance argue that a short term bottom is formed at 118.23, on bullish convergence condition in 4 hour MACD. The development also argue that it has defended 118.45 cluster support (38.2% retracement of 109.20 to 124.08 at 118.39). Intraday bias is back on the upside for 121.31 resistance. Break will indicate completion of whole corrective fall from 124.08 and turn near term outlook bullish for this resistance. On the downside sustained break of 118.39/45 will argue that whole rise from 109.20 has completed and turn outlook bearish for 61.8% retracement at 114.88 and below.

In the bigger picture, price actions from 109.20 medium term bottom are seen as part of a medium term corrective pattern from 149.76. There is prospect of another rise towards 126.09 key resistance level before completion. But even in that case, we’d expect strong resistance between 126.09 and 141.04 to limit upside, at least on first attempt. Nonetheless, decisive break of 118.45 cluster support (38.2% retracement of 109.20 to 124.08 at 118.39) will argue that rise from 109.20 is completed and turn outlook bearish for 61.8% retracement at 114.88 and below.

EUR/JPY 4 Hours Chart

EUR/JPY Daily Chart

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EUR/JPY Daily Outlook

Daily Pivots: (S1) 118.54; (P) 119.00; (R1) 119.75; More…

Intraday bias in EUR/JPY is turned neutral with the current recovery. At this point, we’re slightly favoring the bearish case that whole rebound from 109.20 has completed at 124.08 already. Sustained trading below 118.45 cluster support (38.2% retracement of 109.20 to 124.08 at 118.39) will confirm. In such case, EUR/JPY should target 61.8% retracement at 114.88 and below. On the upside, though, break of 119.85 minor resistance will indicate short term bottoming and turn bias back to the upside for 121.32 resistance instead.

In the bigger picture, price actions from 109.20 medium term bottom are seen as part of a medium term corrective pattern from 149.76. Current development argues that it’s completed at 124.08, ahead of 126.09 key resistance level. Deeper fall would be seen back to 109.20 low. Break there will extend the whole medium term down trend from 149.76 high.

EUR/JPY 4 Hours Chart

EUR/JPY Daily Chart

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EUR/JPY Daily Outlook

Daily Pivots: (S1) 117.91; (P) 118.71; (R1) 119.18; More…

Intraday bias in EUR/JPY remains cautiously on the downside for the moment. Current development argues that whole rebound from 109.20 has completed at 124.08 already. Sustained trading below 118.45 cluster support (38.2% retracement of 109.20 to 124.08 at 118.39) will confirm. In such case, EUR/JPY should target 61.8% retracement at 114.88 and below. On the upside, though, break of 119.85 minor resistance will indicate short term bottoming and turn bias back to the upside for 121.32 resistance instead.

In the bigger picture, price actions from 109.20 medium term bottom are seen as part of a medium term corrective pattern from 149.76. Current development argues that it’s completed at 124.08, ahead of 126.09 key resistance level. Deeper fall would be seen back to 109.20 low. Break there will extend the whole medium term down trend from 149.76 high.

EUR/JPY 4 Hours Chart

EUR/JPY Daily Chart

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EUR/JPY Weekly Outlook

EUR/JPY’s decline from 124.08 extended lower last week and breached 118.45 cluster support (38.2% retracement of 109.20 to 124.08 at 118.39). The development argues that whole rebound from 109.20 has completed at 124.08 already. Initial bias is mildly on the downside this week. Deeper fall would be seen to 61.8% retracement at 114.88 and below. On the upside, though, break of 119.85 minor resistance will indicate short term bottoming and turn bias back to the upside for 121.32 resistance instead.

In the bigger picture, price actions from 109.20 medium term bottom are seen as part of a medium term corrective pattern from 149.76. Current development argues that it’s completed at 124.08, ahead of 126.09 key resistance level. Deeper fall would be seen back to 109.20 low. Break there will extend the whole medium term down trend from 149.76 high.

In the long term picture, medium term decline from 149.76 is seen as part of a long term sideway pattern from 88.96. Decisive break of 126.09 will indicate that such decline is completed and EUR/JPY has started another medium term rally already. Before that, deeper fall is mildly in favor towards 94.11 low.

EUR/JPY 4 Hours Chart

EUR/JPY Daily Chart

EUR/JPY Weekly Chart

EUR/JPY Monthly Chart

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EUR/JPY Daily Outlook

Daily Pivots: (S1) 118.85; (P) 119.36; (R1) 120.13; More…

EUR/JPY’s correction fall from 124.08 resumed and dived to as low as 118.59. At this point, we’d still expect strong support from 118.45 cluster support (38.2% retracement of 109.20 to 124.08 at 118.39) to contain downside and bring rebound. Break of 121.32 resistance will confirm that the correction has completed and turn bias back to the upside for 123.30/124.08 resistance zone. However, sustained trading below 118.45 will invalidate our view and bring deeper fall to 114.88 fibonacci level.

In the bigger picture, price actions from 109.20 medium term bottom are seen as part of a medium term corrective pattern from 149.76. There is prospect of another rise towards 126.09 key resistance level before completion. But even in that case, we’d expect strong resistance between 126.09 and 141.04 to limit upside, at least on first attempt. Nonetheless, decisive break of 118.45 cluster support (38.2% retracement of 109.20 to 124.08 at 118.39) will argue that rise from 109.20 is completed and turn outlook bearish for 61.8% retracement at 114.88 and below.

EUR/JPY 4 Hours Chart

EUR/JPY Daily Chart

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EUR/JPY Daily Outlook

Daily Pivots: (S1) 119.45; (P) 119.88; (R1) 120.20; More…

EUR/JPY is still bounded in range of 119.32/121.32. Intraday bias remains neutral at this point. On the downside, below 119.32 will extend the corrective fall from 124.08. In that case, we’d expect strong support from 118.45 cluster support (38.2% retracement of 109.20 to 124.08 at 118.39) to contain downside and bring rebound. On the upside, break of 121.32 minor resistance should revive the case that such correction is completed. And, intraday bias would then be turned back to the upside for 123.30/124.08 resistance zone.

In the bigger picture, price actions from 109.20 medium term bottom are seen as part of a medium term corrective pattern from 149.76. There is prospect of another rise towards 126.09 key resistance level before completion. But even in that case, we’d expect strong resistance between 126.09 and 141.04 to limit upside, at least on first attempt. Nonetheless, decisive break of 118.45 cluster support (38.2% retracement of 109.20 to 124.08 at 118.39) will argue that rise from 109.20 is completed and turn outlook bearish for 61.8% retracement at 114.88 and below.

EUR/JPY 4 Hours Chart

EUR/JPY Daily Chart

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EUR/JPY Daily Outlook

Daily Pivots: (S1) 119.71; (P) 120.01; (R1) 120.31; More…

EUR/JPY is still bounded in range of 119.32/121.32. Intraday bias remains neutral at this point. On the downside, below 119.32 will extend the corrective fall from 124.08. In that case, we’d expect strong support from 118.45 cluster support (38.2% retracement of 109.20 to 124.08 at 118.39) to contain downside and bring rebound. On the upside, break of 121.32 minor resistance should revive the case that such correction is completed. And, intraday bias would then be turned back to the upside for 123.30/124.08 resistance zone.

In the bigger picture, price actions from 109.20 medium term bottom are seen as part of a medium term corrective pattern from 149.76. There is prospect of another rise towards 126.09 key resistance level before completion. But even in that case, we’d expect strong resistance between 126.09 and 141.04 to limit upside, at least on first attempt. Nonetheless, decisive break of 118.45 cluster support (38.2% retracement of 109.20 to 124.08 at 118.39) will argue that rise from 109.20 is completed and turn outlook bearish for 61.8% retracement at 114.88 and below.

EUR/JPY 4 Hours Chart

EUR/JPY Daily Chart

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EUR/JPY Daily Outlook

Daily Pivots: (S1) 119.27; (P) 120.18; (R1) 120.66; More…

Intraday bias in EUR/JPY stays neutral first. On the downside, below 119.32 will extend the corrective fall from 124.08. In that case, we’d expect strong support from 118.45 cluster support (38.2% retracement of 109.20 to 124.08 at 118.39) to contain downside and bring rebound. On the upside, break of 121.32 minor resistance should revive the case that such correction is completed. And, intraday bias would then be turned back to the upside for 123.30/124.08 resistance zone.

In the bigger picture, price actions from 109.20 medium term bottom are seen as part of a medium term corrective pattern from 149.76. There is prospect of another rise towards 126.09 key resistance level before completion. But even in that case, we’d expect strong resistance between 126.09 and 141.04 to limit upside, at least on first attempt. Nonetheless, decisive break of 118.45 cluster support (38.2% retracement of 109.20 to 124.08 at 118.39) will argue that rise from 109.20 is completed and turn outlook bearish for 61.8% retracement at 114.88 and below.

EUR/JPY 4 Hours Chart

EUR/JPY Daily Chart

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EUR/JPY Weekly Outlook

EUR/JPY dropped notably last week but stayed inside range of 119.32/121.32. Initial bias remains neutral this week first. On the downside, below 119.32 will extend the corrective fall from 124.08. In that case, we’d expect strong support from 118.45 cluster support (38.2% retracement of 109.20 to 124.08 at 118.39) to contain downside and bring rebound. On the upside, break of 121.32 minor resistance should revive the case that such correction is completed. And, intraday bias would then be turned back to the upside for 123.30/124.08 resistance zone.

In the bigger picture, price actions from 109.20 medium term bottom are seen as part of a medium term corrective pattern from 149.76. There is prospect of another rise towards 126.09 key resistance level before completion. But even in that case, we’d expect strong resistance between 126.09 and 141.04 to limit upside, at least on first attempt. Nonetheless, decisive break of 118.45 cluster support (38.2% retracement of 109.20 to 124.08 at 118.39) will argue that rise from 109.20 is completed and turn outlook bearish for 61.8% retracement at 114.88 and below.

In the long term picture, current medium term decline from 149.76 is seen as part of a long term sideway pattern from 88.96. Decisive break of 126.09 will indicate that such decline is completed and EUR/JPY has started another medium term rally already.

EUR/JPY 4 Hours Chart

EUR/JPY Daily Chart

EUR/JPY Weekly Chart

EUR/JPY Monthly Chart

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EUR/JPY Daily Outlook

Daily Pivots: (S1) 120.65; (P) 120.90; (R1) 121.13; More…

Intraday bias in EUR/JPY remains neutral for the moment. We’re holding on to the view that corrective fall from 124.08 has completed at 119.32 already. Above 121.32 will turn bias to the upside for 123.30 resistance. Break of 123.30 will likely extend the whole medium term rise from 109.20 through 124.08 high. Below 119.32 will bring another fall. In that case, downside should be contained by 118.45 cluster support (38.2% retracement of 109.20 to 124.08 at 118.39) and bring rebound.

In the bigger picture, price actions from 109.20 medium term bottom are seen as part of a medium term corrective pattern from 149.76. There is prospect of another rise towards 126.09 key resistance level before completion. But even in that case, we’d expect strong resistance between 126.09 and 141.04 to limit upside, at least on first attempt. Nonetheless, decisive break of 118.45 cluster support (38.2% retracement of 109.20 to 124.08 at 118.39) will argue that rise from 109.20 is completed and turn outlook bearish for 61.8% retracement at 114.88 and below.

EUR/JPY 4 Hours Chart

EUR/JPY Daily Chart

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EUR/JPY Daily Outlook

Daily Pivots: (S1) 120.71; (P) 120.99; (R1) 121.27; More…

EUR/JPY is staying in tight range below 121.32 and intraday bias stays neutral. We’re holding on to the view that corrective fall from 124.08 has completed at 119.32 already. Above 121.32 will turn bias to the upside for 123.30 resistance. Break of 123.30 will likely extend the whole medium term rise from 109.20 through 124.08 high. Below 119.32 will bring another fall. In that case, downside should be contained by 118.45 cluster support (38.2% retracement of 109.20 to 124.08 at 118.39) and bring rebound.

In the bigger picture, price actions from 109.20 medium term bottom are seen as part of a medium term corrective pattern from 149.76. There is prospect of another rise towards 126.09 key resistance level before completion. But even in that case, we’d expect strong resistance between 126.09 and 141.04 to limit upside, at least on first attempt. Nonetheless, decisive break of 118.45 cluster support (38.2% retracement of 109.20 to 124.08 at 118.39) will argue that rise from 109.20 is completed and turn outlook bearish for 61.8% retracement at 114.88 and below.

EUR/JPY 4 Hours Chart

EUR/JPY Daily Chart

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EUR/JPY Daily Outlook

Daily Pivots: (S1) 120.38; (P) 120.69; (R1) 121.16; More…

EUR/JPY is staying in tight range below 121.32 and intraday bias stays neutral. We’re holding on to the view that corrective fall from 124.08 has completed at 119.32 already. Above 121.32 will turn bias to the upside for 123.30 resistance. Break of 123.30 will likely extend the whole medium term rise from 109.20 through 124.08 high. Below 119.32 will bring another fall. In that case, downside should be contained by 118.45 cluster support (38.2% retracement of 109.20 to 124.08 at 118.39) and bring rebound.

In the bigger picture, price actions from 109.20 medium term bottom are seen as part of a medium term corrective pattern from 149.76. There is prospect of another rise towards 126.09 key resistance level before completion. But even in that case, we’d expect strong resistance between 126.09 and 141.04 to limit upside, at least on first attempt. Nonetheless, decisive break of 118.45 cluster support (38.2% retracement of 109.20 to 124.08 at 118.39) will argue that rise from 109.20 is completed and turn outlook bearish for 61.8% retracement at 114.88 and below.

EUR/JPY 4 Hours Chart

EUR/JPY Daily Chart

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EUR/JPY Daily Outlook

Daily Pivots: (S1) 120.21; (P) 120.69; (R1) 120.99; More…

EUR/JPY is staying in tight range below 121.32 and intraday bias stays neutral. We’re holding on to the view that corrective fall from 124.08 has completed at 119.32 already. Above 121.32 will turn bias to the upside for 123.30 resistance. Break of 123.30 will likely extend the whole medium term rise from 109.20 through 124.08 high. Below 119.32 will bring another fall. In that case, downside should be contained by 118.45 cluster support (38.2% retracement of 109.20 to 124.08 at 118.39) and bring rebound.

In the bigger picture, price actions from 109.20 medium term bottom are seen as part of a medium term corrective pattern from 149.76. There is prospect of another rise towards 126.09 key resistance level before completion. But even in that case, we’d expect strong resistance between 126.09 and 141.04 to limit upside, at least on first attempt. Nonetheless, decisive break of 118.45 cluster support (38.2% retracement of 109.20 to 124.08 at 118.39) will argue that rise from 109.20 is completed and turn outlook bearish for 61.8% retracement at 114.88 and below.

EUR/JPY 4 Hours Chart

EUR/JPY Daily Chart

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EUR/JPY Daily Outlook

Daily Pivots: (S1) 119.98; (P) 120.65; (R1) 121.10; More…

Intraday bias in EUR/JPY remains neutral for the moment. We’re holding on to the view that corrective fall from 124.08 has completed at 119.32 already. Above 121.32 will turn bias to the upside for 123.30 resistance. Break of 123.30 will likely extend the whole medium term rise from 109.20 through 124.08 high. Below 119.32 will bring another fall. In that case, downside should be contained by 118.45 cluster support (38.2% retracement of 109.20 to 124.08 at 118.39) and bring rebound.

In the bigger picture, price actions from 109.20 medium term bottom are seen as part of a medium term corrective pattern from 149.76. There is prospect of another rise towards 126.09 key resistance level before completion. But even in that case, we’d expect strong resistance between 126.09 and 141.04 to limit upside, at least on first attempt. Nonetheless, decisive break of 118.45 cluster support (38.2% retracement of 109.20 to 124.08 at 118.39) will argue that rise from 109.20 is completed and turn outlook bearish for 61.8% retracement at 114.88 and below.

EUR/JPY 4 Hours Chart

EUR/JPY Daily Chart

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