EUR/JPY Daily Outlook

Daily Pivots: (S1) 141.55; (P) 142.51; (R1) 143.05; More….

Intraday bias in EUR/JPY remains neutral for the moment. On the upside, firm break of 145.62 resistance will resume larger up trend. However, 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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