Fri, Feb 03, 2023 @ 16:54 GMT

EUR/JPY Daily Outlook

Daily Pivots: (S1) 141.34; (P) 141.80; (R1) 142.47; More….

A short term bottom should be formed in EUR/JPY at 138.79 with current rebound. Intraday bias is back on the upside for 55 day EMA (now at 143.37). Sustained break there will argue that whole correction from 148.38 has completed with three waves down to 138.79. Further rise should then be seen back to 146.71/148.38 resistance zone. On the downside, below 141.12 will bring retest of 138.79 instead.

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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