Fri, Jun 02, 2023 @ 15:26 GMT

EUR/JPY Daily Outlook

Daily Pivots: (S1) 145.82; (P) 146.26; (R1) 146.78; More….

Intraday bias in EUR/JPY stays on the upside at this point. Current rise from 137.37 is in progress and further further rally should be seen back to retest 148.38 high. On the downside, below 145.13 minor support will turn intraday bias neutral. But outlook will stay cautiously bullish as long as 142.53 support holds, in case of retreat.

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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