Thu, Feb 09, 2023 @ 06:53 GMT

EUR/JPY Daily Outlook

Daily Pivots: (S1) 144.14; (P) 144.62; (R1) 145.52; More….

Intraday bias in EUR/JPY remains on the upside for the moment. Correction from 148.38 could have completed with three waves down to 140.75. Further rally would be seen to 146.12 resistance first. Firm break there will bring retest of 148.38 high. On the downside, however, break of 143.16 minor resistance will dampen this bullish case and turn intraday bias neutral again.

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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