EUR/JPY Daily Outlook

Daily Pivots: (S1) 157.27; (P) 157.64; (R1) 158.04; More….

Intraday bias in EUR/JPY stays on the upside for 100% projection of 139.05 to 151.60 from 146.12 at 158.67. Firm break there will target 138.2% projection at 163.46 next. Considering bearish divergence condition in 4H MACD, break of 155.74 minor support will indicate short term topping, and turn bias back to the downside for deeper pull back.

In the bigger picture, rise from 114.42 (2020 low) is in progress. Next target is 100% projection of 124.37 to 148.38 from 138.81 at 162.82. For now, medium term outlook will remain bullish as long as 151.60 resistance turned support holds, even in case of deep pull back.

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