Wed, Feb 08, 2023 @ 01:29 GMT

EUR/JPY Daily Outlook

Daily Pivots: (S1) 142.83; (P) 143.43; (R1) 143.84; More….

Intraday bias in EUR/JPY remains neutral for the moment. On the downside, break of 142.52 support will extend the decline from 148.38, to 61.8% retracement of 133.38 to 148.38 at 139.11. On the upside, though, above 146.12 minor resistance will bring stronger rebound back to retest 148.38 high instead.

In the bigger picture, there is no clear sign of medium term topping yet. Up trend from 114.42 (2020 low) could still resume through 148.38 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 114.42.

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