EUR/JPY Daily Outlook

Daily Pivots: (S1) 162.91; (P) 163.28; (R1) 163.84; More….

Further rise is still mildly in favor with 162.42 minor support intact. retest of 164.29 should be seen next. Firm break there will resume larger up trend. On the downside, however, break of 162.42 minor support will turn bias back to the downside, to extend the corrective pattern from 164.29 with another falling leg.

In the bigger picture, rise from 114.42 (2020 low) is in progress. Next target is 169.96 (2008 high). On the downside, break of 159.75 resistance turned 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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