EUR/JPY Daily Outlook

Daily Pivots: (S1) 155.72; (P) 156.46; (R1) 157.23; More….

Intraday bias in EUR/JPY remains on the upside at this point. Rebound from 153.32 is in progress to retest 157.99 high. Firm break there will resume larger up trend. On the downside, below 154.86 minor support should resume the corrective fall from 157.99 through 153.32 support, to 55 D EMA (now at 153.00) and below.

In the bigger picture, as long as 151.60 resistance turned support holds, rise from 114.42 (2020 low) is in progress. On resumption, next target is 100% projection of 124.37 to 148.38 from 138.81 at 162.82. Nevertheless, sustained break of 151.60 will argue that larger correction is already underway.

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