Thu, Jun 08, 2023 @ 19:27 GMT

EUR/JPY Daily Outlook

Daily Pivots: (S1) 149.15; (P) 149.54; (R1) 150.23; More….

EUR/JPY’s rebound from 146.12 is still in progress. Further rise could be seen 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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