EUR/JPY Daily Outlook

Daily Pivots: (S1) 160.58; (P) 160.81; (R1) 161.18; More….

Despite some loss of upside momentum as seen in 4H MACD, intraday bias in EUR/JPY remains on the upside with 160.17 minor support intact. Current rally should extend to 163.06 projection level next. On the downside, however, break of 160.17 minor support will turn intraday bias neutral and bring consolidations first, before staging another rise.

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. On the downside, break of 154.32 support is needed to be the first sign of medium term topping. Otherwise, outlook will remain bullish even in case of deep pullback.

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