Tue, Jun 28, 2022 @ 16:36 GMT

EUR/JPY Daily Outlook

Daily Pivots: (S1) 143.00; (P) 143.63; (R1) 144.57; More….

Intraday bias in EUR/JPY is turned neutral with current retreat. On the upside, firm break of 144.23 resistance will resume larger up trend. Next near term target is 100% projection of 132.63 to 144.23 from 137.83 at 149.43. On the downside, below 141.93 minor support will turn bias to the downside for 137.83 support instead.

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). Sustained trading above 100% projection of 114.42 to 134.11 from 124.37 at 144.06 will indicate upside acceleration and target 149.76 long term resistance (2014 high). In any case, outlook will now remain bullish as long as 132.63 support holds, in case of deep pull back.

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