EUR/JPY Daily Outlook

Daily Pivots: (S1) 148.78; (P) 149.51; (R1) 150.57; More….

Intraday bias in EUR/JPY is turned neutral with current retreat. Some consolidations could be seen, but downside should be contained by 146.85 support to bring another rally. Break of 151.60 will resume larger up trend to 153.64 projection level.

In the bigger picture, current development indicates that rise from 114.42 (2020 low) is in progress. Next target is 61.8% projection of 124.37 to 148.38 from 138.81 at 153.64. Sustained break there will pave the way to 100% projection at 162.82. For now, medium term outlook will remain bullish as long as 138.81 support holds, even in case of deep pull back.

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