Mon, Jun 05, 2023 @ 17:08 GMT

EUR/JPY Daily Outlook

Daily Pivots: (S1) 137.23; (P) 137.73; (R1) 138.67; More….

EUR/JPY’s break of 138.33 resistance suggests that pull back from 139.99 has completed, and larger up trend is resuming. Intraday bias stays on the up side for 139.99 first. Firm break there will confirm and target 61.8% projection of 124.37 to 139.99 from 132.63 at 142.28. On the downside, below 136.79 minor support will delay the bearish case and turn intraday bias again first.

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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