EUR/JPY Mid-Day Outlook

Daily Pivots: (S1) 130.69; (P) 131.19; (R1) 131.58; More….

EUR/JPY’s rally continues today and reaches as high as 132.15, breaking 131.97 resistance. Intraday bias stays on the upside for key fibonacci resistance at 132.56. sustained break there should pave the way to retest 137.49 high. On the downside, below 130.89 minor support will turn intraday bias neutral first. But near term outlook will stay cautiously bullish as long as channel support holds (now at 129.42).

In the bigger picture, as long as 124.08 key resistance turned support, larger up trend from 109.03 (2016 low) remains in favor to continue. Decisive break of 61.8% retracement of 137.49 to 124.61 at 132.56 will pave the way to retest 137.49 high. However, firm break of 124.08 will argue that whole rise from 109.03 (2016 low) has completed at 137.49. Deeper decline would be seen to 61.8% retracement of 109.03 to 137.49 at 119.90 next.

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