EUR/JPY Daily Outlook

Daily Pivots: (S1) 157.48; (P) 157.89; (R1) 158.58; More….

Intraday bias in EUR/JPY is turned neutral with current recovery. On the upside, firm break of 158.51 will argue that larger up trend is ready to resume through 159.75, to 163.06 projection target. On the downside, sustained trading below 55 D EMA (now at 156.68) will argue that fall from 159.75 is a larger scale correction. Deeper fall would be seen back towards 151.39 support.

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 139.05 at 163.06. Sustained break there will pave the way to retest long term resistance at 169.96. This will remain the favored case as long as 151.39 support holds, even in case of deep pull back.

Featured Analysis

Learn Forex Trading