Sat, Mar 25, 2023 @ 04:15 GMT

EUR/JPY Daily Outlook

Daily Pivots: (S1) 122.85; (P) 123.25; (R1) 123.91; More…

EUR/JPY edges higher to 124.48 earlier today but quickly retreats. With 122.92 minor support intact, intraday bias stays on the upside for the moment. Firm break of 124.08 key resistance will confirm resumption of whole rise from 109.20. In that case, EUR/JPY would target 126.09 resistance first. Break there will pave the way to 100% projection of 109.03 to 124.08 from 114.84 at 129.89. On the downside, below 122.92 minor support will turn bias neutral and bring retreat first.

In the bigger picture, focus is back on 126.09 support turned resistance. Decisive break there will confirm completion of the down trend from 149.76. And in such case, rise from 109.20 is at the same degree and should target 141.04 resistance and above. Meanwhile, rejection from 126.09 and break of 114.84 will extend the fall from 149.76 through 109.20 low.

EUR/JPY 4 Hours Chart

EUR/JPY Daily Chart

Featured Analysis

Learn Forex Trading