Sat, Feb 04, 2023 @ 09:29 GMT

EUR/JPY Daily Outlook

Daily Pivots: (S1) 139.40; (P) 140.96; (R1) 141.91; More….

Break of 140.15 minor support suggests that rebound from 137.37 has completed at 142.84. Rejection by 142.92 resistance indicates that larger decline from 148.38 is still in progress. Intraday bias is back on the downside for retesting 137.37 low. Break there will target 135.40 fibonacci level next.

In the bigger picture, as long as 55 week EMA (now at 138.64) 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. Sustained break there will raise the chance of trend reversal, and target 61.8% retracement at 127.39.

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