EUR/JPY Daily Outlook

Daily Pivots: (S1) 169.04; (P) 169.47; (R1) 169.98; More

Intraday bias in EUR/JPY stays neutral first. On the upside break of 170.12 resistance will argue that pull back from 170.87 has completed at167.52, after drawing support from 55 D EMA. Intraday bias will be back on the upside for 170.87 and then 171.58 high.

In the bigger picture, as long as 55 W EMA (now at 159.83) holds, price actions from 171.58 medium term top are seen as as correcting the rise from 153.15 only. That is, larger up trend remains in favor to continue as a later stage. However, sustained break of 55 W EMA will argue that larger scale correction is underway and target 153.15 support.

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