Tue, May 30, 2023 @ 06:54 GMT

EUR/JPY Daily Outlook

Daily Pivots: (S1) 147.27; (P) 147.63; (R1) 148.11; More….

EUR/JPY’s rally finally resumes and the break of 148.38 resistance should now confirms resumption of larger up trend. Intraday bias is back on the upside for 149.76 long term resistance next. Break will target 153.64 projection level. Meanwhile, outlook will now stay bullish as long as 146.27 support holds, in case of retreat.

In the bigger picture, as long as 55 W EMA (now at 140.70) holds, larger up trend from 114.42 (2020 low) is still in progress for 149.76 long term resistance (2014 high). Decisive break there will resume long term up trend from 94.11 (2012 low). Next target is 61.8% projection of 124.37 to 148.38 from 138.81 at 153.64. This will remain the favored case as long as 138.81 support holds.

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