EUR/JPY Daily Outlook

Daily Pivots: (S1) 164.23; (P) 164.79; (R1) 165.22; More

Intraday bias in EUR/JPY is turned neutral first with current retreat. Some consolidations could be seen but downside should be contained by 55 4H EMA (now at 163.19) to bring another rally. On the upside, break of 165.33 will resume larger up trend to 61.8% projection of 153.15 to 163.70 from 160.20 at 166.71.

In the bigger picture, current rally is part of the up trend from 114.42 (2020 low), which is still in progress. Next target is 169.96 (2008 high). Break of 160.20 support is needed to be the first sign of medium term topping. Otherwise, outlook will stay bullish in case of retreat.

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