Thu, Dec 01, 2022 @ 19:03 GMT

EUR/JPY Daily Outlook

Daily Pivots: (S1) 143.91; (P) 144.70; (R1) 145.84; More….

Outlook in EUR/JPY remains unchanged and intraday bias stays mildly on the upside. Correction from 148.38 might have completed at 142.54, after hitting 38.2% retracement of 133.38 to 148.38 at 142.65. Further rally would be seen to retest 148.38 high. However, on the downside, sustained break of 142.65 will bring deeper fall to 61.8% retracement at 139.11 and possibly below.

In the bigger picture, there is no clear sign of medium term topping yet. Up trend from 114.42 (2020 low) could still resume through1 48.38 to 149.76 (2014 high). However, break of 137.32 support argue that a medium term correction has already started to correct the whole up trend from 144.42.

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