Sat, Apr 01, 2023 @ 03:47 GMT

EUR/JPY Daily Outlook

Daily Pivots: (S1) 143.35; (P) 143.76; (R1) 144.16; More….

Intraday bias sin EUR/JPY stays on the upside at this point, despite loss of upside moment. Corrective fall from 148.38 should have completed at 137.37. Further rally should be seen to 146.71 resistance. On the downside, though, below 142.84 minor support will turn intraday bias neutral first.

In the bigger picture, as long as 55 week EMA (now at 139.03) 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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