Tue, May 30, 2023 @ 05:48 GMT

EUR/JPY Daily Outlook

Daily Pivots: (S1) 131.66; (P) 134.20; (R1) 135.75; More….

Intraday bias in EUR/JPY stays mildly on the downside. Fall from 139.99 could extend further to 61.8% retracement of 124.37 to 139.99 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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