Wed, Dec 07, 2022 @ 00:48 GMT

EUR/JPY Daily Outlook

Daily Pivots: (S1) 141.45; (P) 141.95; (R1) 142.54; More….

EUR/JPY’s break of 142.28 resistance confirms that pull back from 145.62 has completed at 137.32. Intraday bias is back on the upside for retesting 145.62. Firm break there will resume larger up trend. On the downside, break of 140.77 minor support will turn bias back to the downside, to extend the corrective pattern from 145.62 with another falling leg.

In the bigger picture, as long as 133.38 support holds, the up trend from 114.42 (2020 low) could still extend through 145.62 high. In that case, next target is 149.76 (2015 high). However, sustained break of 133.38 will be a sign of medium term bearish reversal and bring deeper fall to 124.37 support first.

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