Wed, Feb 01, 2023 @ 19:58 GMT

EUR/JPY Daily Outlook

Daily Pivots: (S1) 141.66; (P) 142.72; (R1) 143.52; More….

Intraday bias in EUR/JPY remains on the upside as fall from 148.38 is in progress. Next target is 61.8% retracement of 133.38 to 148.38 at 139.11. On the upside, above 143.12 minor resistance will turn intraday bias neutral first. But further decline will remain in favor as long as 146.12 resistance holds.

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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