EUR/JPY Daily Outlook

Daily Pivots: (S1) 146.90; (P) 147.19; (R1) 147.75; More….

Range trading continues in EUR/JPY and intraday bias remains neutral. Deeper retreat could be seen but downside should be contained by 140.88/144.06 support zone to bring another rally. Break of 148.38 will resume larger up trend to 100% projection of 133.38 to 145.62 from 137.32 at 149.56, which is close to 149.76 long term resistance.

In the bigger picture, the up trend from 114.42 (2020 low) is still in progress for 149.76 (2014 high). Decisive break there will pave the way to 161.8% projection of 114.42 to 134.11 from 124.37 at 156.22. This will now remain the favored case as long as 137.32 support holds.

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