Fri, Jun 09, 2023 @ 14:31 GMT

EUR/JPY Daily Outlook

Daily Pivots: (S1) 146.91; (P) 147.38; (R1) 147.73; More….

A temporary top is in place at 147.85 in EUR/JPY ahead of 148.38 high. Intraday bias is turned neutral first. Further rally will remain mildly in favor as long as 145.66 resistance turned support holds. Decisive break of 148.38 will resume larger up trend to 149.75 long term resistance. However, firm break of 145.66 will indicate that corrective pattern from 148.38 has started the third leg. Intraday bias will be back on the downside for 142.53 support first and possibly below.

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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