Sat, Feb 04, 2023 @ 11:26 GMT

EUR/JPY Daily Outlook

Daily Pivots: (S1) 144.07; (P) 145.34; (R1) 146.05; More….

Intraday bias in EUR/JPY stays neutral for the moment. On the upside, break of 146.71 will resume the rise from 140.75 to retest 148.38 high. However, on the downside, break of 143.48 will suggest that corrective pattern from 148.38 is still extending. Bias will be back on the downside or 140.75 support, and possibly below.

In the bigger picture, as long as 55 week EMA (now at 138.54) holds, larger up trend from 114.42 (2020 low) is still in progress for 149.76 long term resistance. However, firm break of 55 week EMA will bring deeper fall to 38.2% retracement of 114.42 to 148.38 at 135.40 before completing the correction from 148.38.

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