EUR/JPY Daily Outlook

Daily Pivots: (S1) 143.48; (P) 144.48; (R1) 145.07; More….

EUR/JPY retreated after rising to 145.46 and intraday bias is turned neutral first. But further rally is expected as long as 142.13 support holds. Corrective fall from 148.38 has completed at 137.37 already. Break of 145.46 will resume the rally from 137.37 to 146.71 resistance and then 148.38 high.

In the bigger picture, as long as 55 week EMA (now at 139.42) 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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