Wed, Feb 08, 2023 @ 01:09 GMT

EUR/JPY Mid-Day Outlook

Daily Pivots: (S1) 143.90; (P) 144.32; (R1) 145.17; More….

EUR/JPY’s rebound from 140.75 resumed after brief retreat and intraday bias is back on the upside. Outlook is unchanged that correction from 148.38 could have completed at 140.75. Break of 146.12 resistance will target a retest on 148.38 high. For now, further rise will remain in favor as long as 143.48 support holds, in case of retreat.

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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