Tue, Feb 07, 2023 @ 04:49 GMT

EUR/JPY Daily Outlook

Daily Pivots: (S1) 143.20; (P) 143.84; (R1) 144.50; More….

Intraday bias in EUR/JPY remains neutral for the moment, and further decline remains mildly in favor. Break of 140.75 will resume the choppy fall from 148.38. However, sustained break of the channel resistance (now at 144.83) will suggest that the correction from 148.38 has completed. Stronger rise should be seen to 146.12 resistance for confirmation.

In the bigger picture, considering bearish divergence condition in weekly MACD, 148.38 could be a medium term top already. Fall from there is probably correcting whole up trend from 114.42 (2020 low). Deeper decline would be seen to 55 week EMA (now at 138.08), or further to 38.2% retracement of 114.42 to 148.38 at 135.40 before completion.

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