EUR/JPY Daily Outlook

Daily Pivots: (S1) 134.72; (P) 135.30; (R1) 135.96; More….

Intraday bias in EUR/JPY remains neutral for consolidation below 137.49. Further rise is expected as long as 133.70 support holds. On the upside, sustained break of 137.49 resistance will resume larger up trend for 144.06 projection level next. However, firm break of 133.70 will indicate short term topping, and turn bias back to the downside for deeper pull back.

In the bigger picture, up trend from 114.42 (2020 low) is in progress. Sustained break of 137.49 (2018 high) will resume larger 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.

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