Thu, Mar 23, 2023 @ 23:19 GMT

EUR/JPY Daily Outlook

Daily Pivots: (S1) 142.72; (P) 143.37; (R1) 144.58; More….

Intraday bias in EUR/JPY remains neutral as range trading continues. Outlook is unchanged that corrective fall from 148.38 has completed at 137.37 already. Above 144.15 will resume the rally form 137.37 to retest 148.38 high. Nevertheless, break of 142.13 and sustained trading below 55 day EMA (now at 142.14) will dampen this bullish view and bring deeper fall back towards 137.37 low.

In the bigger picture, as long as 55 week EMA (now at 139.21) 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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