Fri, Feb 03, 2023 @ 17:15 GMT

EUR/JPY Daily Outlook

Daily Pivots: (S1) 144.92; (P) 145.83; (R1) 147.34; More….

Intraday bias in EUR/JPY stays on the upside at this point. Outlook is unchanged that correction from 148.38 could have completed at 140.75. Rise from there should continue to retest 148.38 high next. On the upside, break of 143.48 support is needed to indicate completion of the rebound, or further rise will remain in favor.

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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