EUR/JPY rebounded after dipping to 134.76 but lacked follow through buying. Initial bias is neutral this week first. Consolidation from 139.99 could extend further. But downside should be contained by 38.2% retracement of 124.37 to 139.99 at 134.02 to bring rebound. On the upside, firm break of 139.99 will resume larger up trend for 144.06 medium term projection level.

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.

In the long term picture, focus stays on 137.49 resistance (2018 high). Sustained break there will raise the chance that whole rise from 94.11 (2012 low) is resuming through 149.76 resistance. This will be a slightly favored case for now, as long as 124.37 support holds.

Near term outlook in EUR/JPY is a bit mixed. 134.20 fibonacci level is proven to be a strong resistance. But there was no follow through downside momentum confirm trend reversal Initial bias in EUR/JPY stays neutral this week. Risk will remain on the downside as long as 134.48 key resistance holds. Break of 131.16 will target 38.2% retracement of 114.84 to 134.48 at 126.97, which is close to 127.55 support. We’ll look for support from there to bring rebound on first attempt.

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.

In the long term picture, at this point, there is no clear indication that rise from 109.03 is resuming that from 94.11. Hence, we’d be cautious on topping below 149.76 to extend range trading. Nonetheless, firm break of 149.76 will indicates strong underlying buying. In such case, EUR/JPY will target 100% projection of 94.11 to 149.76 from 109.03 at 164.68.

Daily Pivots: (S1) 123.66; (P) 123.95; (R1) 124.47; More….

Intraday bias in EUR/JPY remains neutral as range trading continues. On the upside, break of 125.08 will resume the rebound form 122.37 to retest 127.07. Nevertheless, break of 123.01 will argue that correction from 127.07 is possibly extending with another falling leg. 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, 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.

EUR/JPY stayed in range of 127.91/130.45 last week and outlook is unchanged. Initial bias remains neutral this week first. On the upside, decisive break of 130.45 resistance should indicate that the fall from 134.11 has completed. Further rise should be seen to 130.73 resistance first. Sustained break there will pave the way for retesting 134.11 high. On the downside, however, break of 127.91 should resume the fall from 134.11, through 127.91 support, to 137.07 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, deeper fall would be seen to 61.8% retracement of 114.42 to 134.11 at 121.94.

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

Daily Pivots: (S1) 124.09; (P) 124.57; (R1) 125.15; More….

Intraday bias in EUR/JPY stays on the upside and current rally should target 61.8% projection of 114.42 to 124.43 from 119.31 at 125.49. Break will pave the way to 100% projection at 129.32. On the downside, break of 123.01 support is needed to indicate short term topping. Otherwise, outlook will remain bullish in case of retreat.

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) 131.07; (P) 131.41; (R1) 131.72; More…

Intraday bias in EUR/JPY remains neutral for the moment. Near term outlook remains bullish with 129.36 support intact and further rise is expected. Break of 132.00 will turn bias back to the upside and target 134.20 fibonacci level next. However, considering bearish divergence condition in 4 hour MACD, break of 129.36 will indicate short term topping and turn bias to the downside for 127.55 support instead.

In the bigger picture, current rise from 109.03 is seen as at the same degree as the down trend from 149.76 (2014 high) to 109.03 (2016 low). as long as 124.08 resistance turned support holds, further rise is expected to 61.8% retracement of 149.76 to 109.03 at 134.20. Sustained break there will pave the way to key long term resistance zone at 141.04/149.76. However, firm break of 124.08 will argue that rise from 109.03 is completed and turn outlook bearish.

Daily Pivots: (S1) 124.61; (P) 124.95; (R1) 125.47; More….

EUR/JPY rebounds further today but stays in range of 124.17/125.95. Intraday bias remains neutral first. At this point, we’re favoring the case that rebound from 118.62 has completed at 125.95 already, just ahead of 55 day EMA. On the downside, break of 123.78 will add more credence to this case and target a test on 118.62 low. On the upside, however, decisive break of 125.95 will dampen out bearish view and target 129.25 resistance next.

In the bigger picture, medium term rebound from 109.03 (2016 low) has completed at 137.49 already, with corrective structure. Fall from 137.49 is likely still in progress. Decisive break of 118.62 will target 161.8% projection of 137.49 to 124.61 from 133.12 at 112.28, which is inside 109.03/114.84 support zone.

Daily Pivots: (S1) 147.13; (P) 147.43; (R1) 147.90; More….

Intraday bias in EUR/JPY remains neutral for the moment, as consolidation from 148.38 is extending. Deeper retreat could be seen but downside should be contained by 140.88/144.06 support zone to bring another rally. Break of 148.38 will resume larger up trend to 100% projection of 133.38 to 145.62 from 137.32 at 149.56, which is close to 149.76 long term resistance.

In the bigger picture, the up trend from 114.42 (2020 low) is still in progress for 149.76 (2014 high). Decisive break there will pave the way to 161.8% projection of 114.42 to 134.11 from 124.37 at 156.22. This will now remain the favored case as long as 137.32 support holds.

Daily Pivots: (S1) 159.25; (P) 159.66; (R1) 160.26; More….

Intraday bias in EUR/JPY remains neutral for consolidation below 160.84. Outlook 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) 129.36; (P) 130.02; (R1) 130.43; More….

Intraday bias in EUR/JPY is turned neutral with another retreat. Further rise is still in favor for 100% projection of 121.63 to 127.48 from 125.07 at 130.92. Sustained break there will target 161.8% projection at 134.53 next. Considering bearish divergence condition in 4 hour MACD, break of 129.47 minor support will indicate short term topping, and turn bias to the downside for pull back.

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).

Daily Pivots: (S1) 163.45; (P) 163.84; (R1) 164.60; More….

EUR/JPY’s rally continues today and intraday bias stays on the upside. Next near term target is 61.8% projection of 139.05 to 159.75 from 154.32 at 167.11. On the downside, below 163.05 minor support will turn intraday bias neutral and bring consolidations first, before staging another rally.

In the bigger picture, rise from 114.42 (2020 low) is in progress. Next target is 169.96 (2008 high). On the downside, break of 159.75 resistance turned support is needed to be the first sign of medium term topping. Otherwise, outlook will remain bullish even in case of deep pullback.

EUR/JPY’s rebound from 123.65 extended to as high as 125.50 last week but lost momentum since then. Initial bias is turned neutral this week first. Current development argues that corrective pull back from 127.50 might have completed already. Hence, further rise is expected as long as 124.47 minor support intact. On the upside, above 125.50 will turn bias to the upside for 126.78/127.50 resistance zone. However, on the downside, break of 124.47 will turn bias back to the downside for 123.65 support instead.

In the bigger picture, EUR/JPY is staying well inside medium term falling channel from 137.49 (2018 high). It’s also held below 55 week EMA (now at 127.53). Thus, down trend from 137.49 might still extend lower. Break of 118.62 will target 109.03/114.84 long term support zone. On the upside, however, break of 127.50 will solidify the case of medium term bullish reversal. Rise from 118.76 should extend to 133.12 key resistance instead.

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. Break of 118.62 will extend this falling leg through 109.03 low. On the upside, break of 133.12 resistance bring retest of 149.76 (2014 high).

Daily Pivots: (S1) 131.74; (P) 132.45; (R1) 132.85; More….

EUR/JPY fall’s sharply today and breaches 131.38 support. The development argues that a head and should top pattern is completed (ls: 134.39; h: 134.48; rs: 133.85). That indicates near term reversal after rejection from 134.20 long term fibonacci level. Intraday bias is now on the downside for 38.2% retracement of 114.84 to 134.48 at 126.97, which is close to 127.55 support. We’ll look for support from there to bring rebound on first attempt. On the upside, above 132.30 will dampen this bearish case and turn bias back to the upside for 133.85 instead.

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.

EUR/JPY rally accelerated to as high as 130.11 last week as and met medium term projection level at 129.89. Initial bias remains on the upside this week. Sustained trading above 129.89 will pave the way to next near term target at 100% projection of 114.84 to 125.80 from 122.39 at 133.35. On the downside, break of 127.99 support is needed to indicate short term topping. Otherwise, outlook will remain bullish in case of retreat.

In the bigger picture, the down trend from 149.76 (2014 high) is completed at 109.03 (2016 low). Current rally from 109.03 should be at the same degree as the fall from 149.76 to 109.03. Further rise is expected now to 61.8% retracement of 149.76 to 109.03 at 134.20. Sustained break there will pave the way to key long term resistance zone at 141.04/149.76. Medium term outlook will remain bullish as long as 124.08 resistance turned support holds.

In the long term picture, at this point, there is no clear indication that rise from 109.03 is resuming that from 94.11. Hence, we’d be cautious on topping below 149.76 to extend range trading. Nonetheless, firm break of 149.76 will indicates strong underlying buying. In such case, EUR/JPY will target 100% projection of 94.11 to 149.76 from 109.03 at 164.68.

Daily Pivots: (S1) 121.74; (P) 121.98; (R1) 122.33; More….

EUR/JPY stays in consolidation from 122.65 and intraday bias remains neutral. Downside should be contained above 119.99 support to bring another rally. Prior support from 55 day EMA is a sign of near term bullishness. On the upside, break of 122.65 will target 123.35 resistance first. Break will target key channel resistance (now at 124.72).

In the bigger picture, EUR/JPY is still staying in the falling channel established since 137.49 (2018 high). Rise from 115.86 is seen as a corrective rise for the moment. Strong resistance could be seen at falling channel resistance (now at 124.72) to limit upside. However, sustained break of the channel resistance will carry larger bullish implication and target 127.50 key resistance next.

Daily Pivots: (S1) 123.52; (P) 124.22; (R1) 124.65; More….

No change in EUR/JPY’s outlook and intraday bias remains neutral for the moment. On the upside, break of 125.09 resistance will extend the rebound from 118.62 to 55 day EMA (now at 126.45) and above. On the downside, break of 123.40 minor support will turn bias back to the downside for retesting 118.62 low instead.

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 possibly just the second leg of the corrective pattern from 109.03. Break of 133.12 resistance should start the third leg to 137.49 and above. Nevertheless, break of 118.62 will resume the down trend from 137.49 for 109.03/114.84 support zone instead.

Daily Pivots: (S1) 129.08; (P) 129.34; (R1) 129.78; More….

Intraday bias in EUR/JPY stays neutral at this point. On the upside, break of 129.97 will indicate short term bottoming, and turn bias back to the upside for rebound back towards 133.44 high. On the downside, however, break of 127.91 will extend the whole corrective pattern from 134.11, to 126.58 medium term fibonacci level next.

In the bigger picture, as long as 38.2% retracement of 114.42 (2020 low) to 134.11 at 126.58 holds, up trend from 114.42 is still in favor to continue. Break of 134.11 will target long term resistance at 137.49 (2018 high). However, sustained break of 126.58 will raise the chance of medium term bearish reversal. In this case, deeper decline would be seen to 61.8% retracement at 121.94, and possibly below.

Daily Pivots: (S1) 141.95; (P) 143.21; (R1) 144.13; More….

EUR/JPY is staying in consolidation from 145.62 and intraday bias remains neutral first. Deeper pull back cannot be ruled out. But downside should be contained above 138.38 resistance turned support bring another rally. On the upside, decisive break of 61.8% projection of 124.37 to 144.26 from 133.38 at 145.67 will pave the way to 149.76 long term resistance, and then 100% projection at 153.27.

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). Next target is 149.76 (2015 high). For now, outlook will remain bullish as long as 133.38 support holds, even in case of deep pull back.

Daily Pivots: (S1) 127.81; (P) 128.43; (R1) 128.85; More….

Intraday bias in EUR/JPY remains neutral for the moment. As long as 130.14 resistance holds, deeper decline is in favor in the cross. Below 127.49 will target 126.63 support first. Break there will resume whole fall from 133.12 and target 124.08/89 support zone. On the upside, however, break of 130.14 will resume the rebound from 126.63 towards 133.12 resistance.

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.

Daily Pivots: (S1) 123.95; (P) 124.59; (R1) 124.98; More….

Intraday bias in EUR/JPY remains on the downside for 123.65 support and below. For now, price actions from 127.50 are seen as a corrective pattern only. Hence, strong support could be seen at around 123.39 support to bring rebound. On the upside, above 124.80 minor resistance will turn intraday bias neutral first.

In the bigger picture, there is no confirmation of completion of the down trend from 137.49 (2018 high) yet. In case of an extension, break of 118.62 will target 109.03/114.84 long term support zone. However, break of 127.50 will solidify the case of medium term bullish reversal. Further decisive break medium term channel resistance will affirm reversal and target 133.12 key resistance and above.