Tue, May 30, 2023 @ 07:52 GMT

EUR/JPY Daily Outlook

Daily Pivots: (S1) 143.71; (P) 144.57; (R1) 145.18; More….

Intraday bias in EUR/JPY remains neutral for consolidation below 145.66 temporary top. Rebound from 137.37 could be extending. On the upside, break of 145.66 will target 148.38 high. However, break of 143.12 minor support will mix up the outlook again and turn bias to the downside for 138.81 support instead.

In the bigger picture, as long as 55 week EMA (now at 139.78) holds, larger up trend from 114.42 (2020 low) is still in progress for 149.76 long term resistance. However, sustained break of 55 week EMA will bring deeper fall to 38.2% retracement of 114.42 to 148.38 at 135.40. Decisive break there will raise the chance of trend reversal, and target 61.8% retracement at 127.39.

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