EUR/JPY Daily Outlook

Daily Pivots: (S1) 130.39; (P) 130.88; (R1) 131.27; More….

With 129.99 minor support intact, EUR/JPY’s rebound from 129.22 could extend higher, possibly to 55 day EMA (now at 131.59). But we’d expect strong resistance below 133.47 resistance to bring fall resumption. Below 129.99 minor support will turn bias back to the downside for 128.94. Break will resume the corrective fall from 137.49 and target 61.8% projection of 137.49 to 128.94 from 133.47 at 128.18 next.

In the bigger picture, for now, price actions from 137.49 are viewed as a corrective pattern only. Hence, while, deeper decline would be seen, strong support is expected at 38.2% retracement of 109.03 to 137.49 at 126.61 to contain downside and bring rebound. Up trend from 109.03 (2016 low) is expected to resume afterwards. Though, sustained break of 126.61 will be an important sign of trend reversal and will turn focus to 124.08 resistance turned support.

EUR/JPY Daily Outlook

Daily Pivots: (S1) 130.14; (P) 130.41; (R1) 130.83; More….

EUR/JPY’s rebound from 129.22 short term bottom extends higher to as high as 131.02 so far. With 4 hour 55 EMA taken out, intraday bias is on the upside for further rise to 55 day EMA (now at 131.62). Nonetheless, we’d expect strong resistance below 133.47 resistance to bring fall resumption. Below 129.99 minor support will turn bias back to the downside for 128.94. Break will resume the corrective fall from 137.49 and target 61.8% projection of 137.49 to 128.94 from 133.47 at 128.18 next.

In the bigger picture, for now, price actions from 137.49 are viewed as a corrective pattern only. Hence, while, deeper decline would be seen, strong support is expected at 38.2% retracement of 109.03 to 137.49 at 126.61 to contain downside and bring rebound. Up trend from 109.03 (2016 low) is expected to resume afterwards. Though, sustained break of 126.61 will be an important sign of trend reversal and will turn focus to 124.08 resistance turned support.

EUR/JPY Weekly Outlook

EUIR/JPY dropped to 129.22 last week but formed a short term bottom there and recovered. Initial bias remains neutral this week for consolidations. As long as 4 hour 55 EMA holds (now at 130.69), the consolidation should be relatively brief. Below 129.22 will target 128.94 support. Break will resume whole decline from 137.49 and target 61.8% projection of 137.49 to 128.94 from 133.47 at 128.18 next. Overall, near term outlook will stay bearish as long as 133.47 resistance holds and downside breakout is expected eventually.

In the bigger picture, for now, price actions from 137.49 are viewed as a corrective pattern only. Hence, while, deeper decline would be seen, strong support is expected at 38.2% retracement of 109.03 to 137.49 at 126.61 to contain downside and bring rebound. Up trend from 109.03 (2016 low) is expected to resume afterwards. Though, sustained break of 126.61 will be an important sign of trend reversal and will turn focus to 124.08 resistance turned support.

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 Daily Outlook

Daily Pivots: (S1) 129.93; (P) 130.34; (R1) 130.76; More….

EUR/JPY’s consolidation from 129.22 is still in progress and intraday bias remains neutral first. As long as 4 hour 55 EMA holds (now at 130.71), the consolidation should be relatively brief. Below 129.22 will target 128.94 support. Break will resume whole decline from 137.49 and target 61.8% projection of 137.49 to 128.94 from 133.47 at 128.18 next. Overall, near term outlook will stay bearish as long as 133.47 resistance holds and downside breakout is expected eventually.

In the bigger picture, for now, price actions from 137.49 are viewed as a corrective pattern only. Hence, while, deeper decline would be seen, strong support is expected at 38.2% retracement of 109.03 to 137.49 at 126.61 to contain downside and bring rebound. Up trend from 109.03 (2016 low) is expected to resume afterwards. Though, sustained break of 126.61 will be an important sign of trend reversal and will turn focus to 124.08 resistance turned support.

EUR/JPY Daily Outlook

Daily Pivots: (S1) 129.43; (P) 129.96; (R1) 130.57; More….

Intraday bias in EUR/JPY stays neutral for consolidation above 129.22. As long as 4 hour 55 EMA holds (now at 130.81). the consolidation should be relatively brief. Below 129.22 will target 128.94 support. Break will resume whole decline from 137.49 and target 61.8% projection of 137.49 to 128.94 from 133.47 at 128.18 next. Overall, near term outlook will stay bearish as long as 133.47 resistance holds and downside breakout is expected eventually.

In the bigger picture, for now, price actions from 137.49 are viewed as a corrective pattern only. Hence, while, deeper decline would be seen, strong support is expected at 38.2% retracement of 109.03 to 137.49 at 126.61 to contain downside and bring rebound. Up trend from 109.03 (2016 low) is expected to resume afterwards. Though, sustained break of 126.61 will be an important sign of trend reversal and will turn focus to 124.08 resistance turned support.

EUR/JPY Daily Outlook

Daily Pivots: (S1) 129.09; (P) 129.60; (R1) 129.98; More….

A temporary low is in place at 129.22 in EUR/JPY and intraday bias is turned neutral. Consolidation should be relatively brief as long as 4 hour 55 EMA holds (now at 130.98). Below 129.22 will target 128.94 support. Break will resume whole decline from 137.49 and target 61.8% projection of 137.49 to 128.94 from 133.47 at 128.18 next. Overall, near term outlook will stay bearish as long as 133.47 resistance holds and downside breakout is expected eventually.

In the bigger picture, for now, price actions from 137.49 are viewed as a corrective pattern only. Hence, while, deeper decline would be seen, strong support is expected at 38.2% retracement of 109.03 to 137.49 at 126.61 to contain downside and bring rebound. Up trend from 109.03 (2016 low) is expected to resume afterwards. Though, sustained break of 126.61 will be an important sign of trend reversal and will turn focus to 124.08 resistance turned support.

EUR/JPY Daily Outlook

Daily Pivots: (S1) 129.81; (P) 130.20; (R1) 130.44; More….

EUR/JPY’s decline from 133.47 continues today and reaches as low as 129.81 so far. Downside momentum is seen diminishing in 4 hour MACD. But intraday bias remains on the downside for 128.94 support. Break will resume whole decline from 137.49 and target 61.8% projection of 137.49 to 128.94 from 133.47 at 128.18 next. On the upside, above 131.13 minor resistance will turn bias neutral and bring recovery. But upside should be limited well below 133.47 resistance to bring another decline.

In the bigger picture, for now, price actions from 137.49 are viewed as a corrective pattern only. Hence, while, deeper decline would be seen, strong support is expected at 38.2% retracement of 109.03 to 137.49 at 126.61 to contain downside and bring rebound. Up trend from 109.03 (2016 low) is expected to resume afterwards. Though, sustained break of 126.61 will be an important sign of trend reversal and will turn focus to 124.08 resistance turned support.

EUR/JPY Daily Outlook

Daily Pivots: (S1) 129.89; (P) 130.42; (R1) 130.94; More….

Intraday bias in EUR/JPY remain son the downside for 128.94 support. Break will resume whole decline from 137.49 and target 61.8% projection of 137.49 to 128.94 from 133.47 at 128.18 next. On the upside, above 131.13 minor resistance will turn bias neutral and bring recovery. But upside should be limited well below 133.47 resistance to bring another decline.

In the bigger picture, for now, price actions from 137.49 are viewed as a corrective pattern only. Hence, while, deeper decline would be seen, strong support is expected at 38.2% retracement of 109.03 to 137.49 at 126.61 to contain downside and bring rebound. Up trend from 109.03 (2016 low) is expected to resume afterwards. Though, sustained break of 126.61 will be an important sign of trend reversal and will turn focus to 124.08 resistance turned support.

EUR/JPY Weekly Outlook

EUR/JPY’s decline from 133.47 accelerated to as low as 129.89 last week. The development is in line with the view that corrective rise from 128.94 has completed at 133.47. And, fall from 137.49 is possibly resuming. Initial bias remains on the downside this week for 128.94 low first. Break will target 61.8% projection of 137.49 to 128.94 from 133.47 at 128.18 next. On the upside, above 131.13 minor resistance will turn bias neutral and bring recovery. But upside should be limited well below 133.47 resistance to bring another decline.

In the bigger picture, for now, price actions from 137.49 are viewed as a corrective pattern only. Hence, while, deeper decline would be seen, strong support is expected at 38.2% retracement of 109.03 to 137.49 at 126.61 to contain downside and bring rebound. Up trend from 109.03 (2016 low) is expected to resume afterwards. Though, sustained break of 126.61 will be an important sign of trend reversal and will turn focus to 124.08 resistance turned support.

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 Daily Outlook

Daily Pivots: (S1) 130.23; (P) 130.94; (R1) 131.63; More….

Intraday bias in EUR/JPY remains on the downside as fall from 133.47 should target 128.94 low. Break there will resume whole fall from 137.49 and target 126.61 fibonacci level next. On the upside, above 131.66 minor resistance will turn intraday bias neutral first. But recovery should be limited well below 133.47 resistance to bring another fall.

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.

EUR/JPY Mid-Day Outlook

Daily Pivots: (S1) 130.99; (P) 131.55; (R1) 131.85; More….

EUR/JPY’s fall from 133.47 extends to as low as 130.79 so far today. Intraday bias remains on the downside for 128.94 low first. Break there will resume whole fall from 137.49 and target 126.61 fibonacci level next. On the upside, above 131.66 minor resistance will turn intraday bias neutral first. But recovery should be limited well below 133.47 resistance to bring another fall.

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.

EUR/JPY Daily Outlook

Daily Pivots: (S1) 130.99; (P) 131.55; (R1) 131.85; More….

Intraday bias in EUR/JPY remains on the downside as fall from 133.47 is still in progress. As noted before, corrective rise from 128.94 has completed at 133.47 already. Deeper decline is expected to retest 128.94 low next. And, break there will resume whole fall from 137.49. On the upside, above 132.53 minor resistance will delay the bearish case. Intraday bias would be turned to the upside to extend the rebound from 128.94. Still, 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.

EUR/JPY Daily Outlook

Daily Pivots: (S1) 131.52; (P) 131.82; (R1) 132.08; More….

Outlook in EUR/JPY remains unchanged. Corrective rise from 128.94 has completed at 133.47 already. Deeper decline should be seen back to retest 128.94 low. Break there will resume whole decline from 137.49. On the upside, above 132.53 minor resistance will delay the bearish case. Intraday bias would be turned to the upside to extend the rebound from 128.94. Still, 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.

EUR/JPY Daily Outlook

Daily Pivots: (S1) 131.76; (P) 132.15; (R1) 132.44; More….

Outlook in EUR/JPY remains unchanged. Corrective rise from 128.94 has completed at 133.47 already. Deeper decline should be seen back to retest 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.

EUR/JPY Daily Outlook

Daily Pivots: (S1) 131.95; (P) 132.17; (R1) 132.49; More….

We’re holding on to the view that corrective rebound from 128.94 has completed at 133.47 already. Deeper decline should be seen back to retest 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.

EUR/JPY Weekly Outlook

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.

EUR/JPY Mid-Day Outlook

Daily Pivots: (S1) 131.97; (P) 132.60; (R1) 132.93; More….

EUR/JPY break of 132.03 minor support suggests that corrective rise from 128.94 has completed at 133.47 already, on bearish divergence condition in 4 hour MACD. Intraday bias is turned back to the downside for retesting 128.94 low first. Break will resume whole decline3 from 137.49. In case of another rise, we expect strong resistance from 61.8% retracement of 137.49 to 128.94 at 134.22 to limit upside and bring fall resumption eventually.

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 Daily Outlook

Daily Pivots: (S1) 131.97; (P) 132.60; (R1) 132.93; More….

No change in EUR/JPY’s outlook. EUR/JPY’s recovery from 128.94 might still extend. But after all, it’s seen as a corrective move. Therefore, we expect strong resistance from 61.8% retracement of 137.49 to 128.94 at 134.22 to limit upside. Break of 132.03 will turn bias to the downside for retesting 128.94 low. However, sustained break of 134.22 will turn focus back to 137.49 high instead.

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 Daily Outlook

Daily Pivots: (S1) 132.87; (P) 133.10; (R1) 133.29; More….

With 132.03 minor support intact, EUR/JPY’s recovery from 128.94 could extend higher. But after all, it’s seen as a corrective move. Therefore, we expect strong resistance from 61.8% retracement of 137.49 to 128.94 at 134.22 to limit upside. Break of 132.03 will turn bias to the downside for retesting 128.94 low. However, sustained break of 134.22 will turn focus back to 137.49 high instead.

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 Daily Outlook

Daily Pivots: (S1) 132.65; (P) 133.06; (R1) 133.52; More….

Intraday bias in EUR/JPY stays mildly on the upside at this point. Rebound from 128.94 should extend higher. However, it’s after all seen as a corrective move. Therefore, expect strong resistance from 61.8% retracement of 137.49 to 128.94 at 134.22 to limit upside. Break of 132.03 will turn bias to the downside for retesting 128.94 low. However, sustained break of 134.22 will turn focus back to 137.49 high instead.

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.