Sat, Jun 10, 2023 @ 18:59 GMT

EUR/JPY Daily Outlook

Daily Pivots: (S1) 147.13; (P) 147.49; (R1) 147.96; More….

Intraday bias in EUR/JPY remains on the upside for the moment. Current rally should target 148.38 high. Firm break there will resume larger up trend to 149.75 long term resistance. Meanwhile, outlook will stay bullish as long as 145.66 resistance turned support holds, in case of retreat.

In the bigger picture, as long as 55 W EMA (now at 140.44) holds, larger up trend from 114.42 (2020 low) is still in progress for 149.76 long term resistance. Decisive break there will resume long term up trend. However, sustained break of 55 W EMA will bring deeper fall to 38.2% retracement of 114.42 to 148.38 at 135.40.

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