Sat, Apr 01, 2023 @ 05:09 GMT

EUR/JPY Mid-Day Outlook

Daily Pivots: (S1) 142.99; (P) 144.05; (R1) 144.74; More….

EUR/JPY’s break of 142.13 support argues that rebound from 137.37 has completed at 145.55 already. Fall from 145.55 could be developing into the third leg of the corrective pattern from 148.38. Intraday bias is back on the downside for 139.54 support first. Firm break there will target a retest on 137.37 next. On the upside, above 142.94 minor resistance will turn intraday bias neutral first.

In the bigger picture, as long as 55 week EMA (now at 139.54) 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. Sustained break there will raise the chance of trend reversal, and target 61.8% retracement at 127.39.

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