Wed, Dec 07, 2022 @ 01:10 GMT

EUR/JPY Daily Outlook

Daily Pivots: (S1) 137.93; (P) 140.82; (R1) 142.91; More….

Focus stays on 138.38 resistance turned support in EUR/JPY. Decisive break there will be an early indication of larger bearish reversal. Deeper fall would be seen to 133.38 support next. On the upside, above 142.28 minor resistance will turn bias back to the upside for retesting 145.62 high.

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). Further rally is in favor as long as 133.38 support holds. Next target is 149.76 (2015 high). However, sustained break of 133.38 will be a sign of medium term bearish reversal and turn focus to 124.37 support for confirmation.

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