EUR/JPY Daily Outlook

Daily Pivots: (S1) 149.56; (P) 149.94; (R1) 150.57; More….

Intraday bias in EUR/JPY is back on the upside with break of 150.04 temporary top. Rebound from 146.12 is in progress for retesting 151.60 high. Decisive break there will resume larger up trend. On the downside, however, break of 148.83 minor support should extend the corrective pattern from 151.60 with another falling leg towards 146.12.

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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