Mon, May 29, 2023 @ 22:51 GMT

EUR/JPY Daily Outlook

Daily Pivots: (S1) 148.61; (P) 149.20; (R1) 149.69; More….

Further rise is mildly on the upside in EUR/JPY for retesting 151.60 high. Decisive break there will resume larger up trend. On the downside, however, break of 146.12 will resume the fall to 61.8% retracement of 139.05 to 151.60 at 143.84.

In the bigger picture, 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 139.05 support holds, even in case of deep pull back.

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