EUR/JPY Daily Outlook

Daily Pivots: (S1) 171.11; (P) 171.45; (R1) 172.06; More

Intraday bias in EUR/JPY is back on the upside as recent rally resumed after brief consolidations. Sustained break of 61.8% projection of 164.01 to 170.87 from 167.52 at 171.75 will target 100% projection at 174.38. On the downside, below 170.69 minor support will turn intraday bias neutral against first.

In the bigger picture, strong support from 55 D EMA indicates that the long term up trend is still in progress. Decisive break of 171.58 will confirm resumption and target 100% projection of 139.05 to 164.29 from 153.15 at 178.38. For now outlook will stay bullish as long as 164.01 support holds, even in case of deep pullback.

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