Wed, Feb 08, 2023 @ 00:40 GMT

EUR/JPY Daily Outlook

Daily Pivots: (S1) 141.37; (P) 142.04; (R1) 142.49; More….

EUR/JPY’s break of 141.12 minor support suggests that rebound from 138.79 has completed much early than expected at 142.92, capped below 55 day EMA (now at 143.31). Intraday bias is back on the downside for retesting 138.79 low first. On the upside, sustained trading above 55 day EMA will bring stronger rise back to 146.71/148.38 resistance zone 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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