Tue, Dec 06, 2022 @ 23:33 GMT

EUR/JPY Daily Outlook

Daily Pivots: (S1) 141.95; (P) 143.21; (R1) 144.13; More….

EUR/JPY is staying in consolidation from 145.62 and intraday bias remains neutral first. Deeper pull back cannot be ruled out. But downside should be contained above 138.38 resistance turned support bring another rally. On the upside, decisive break of 61.8% projection of 124.37 to 144.26 from 133.38 at 145.67 will pave the way to 149.76 long term resistance, and then 100% projection at 153.27.

In the bigger picture, up trend from 114.42 (2020 low) is seen as the third leg of the pattern from 109.30 (2016 low). Next target is 149.76 (2015 high). For now, outlook will remain bullish as long as 133.38 support holds, even in case of deep pull back.

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