Fri, Jun 02, 2023 @ 15:06 GMT

EUR/JPY Mid-Day Outlook

Daily Pivots: (S1) 136.00; (P) 136.85; (R1) 137.53; More….

EUR/JPY’s corrective fall from 139.99 resumes today, by powering through 134.76 support, as well as 38.2% retracement of 124.37 to 139.99 at 134.02. Intraday bias is back on the downside. Deeper fall could be seen to 61.8% retracement at 130.33. For now, risk will stay on the downside as long as 138.33 resistance holds, in case of recovery.

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.

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