Daily Pivots: (S1) 130.61; (P) 131.01; (R1) 131.43; More….

EUR/JPY’s decline from 133.12 extends further today and reaches as low as 129.61 so far. The break of 55 day EMA affirms the view that rise from 124.89 has completed. Intraday bias stays on the downside for 127.85 support first. Break will target 124.89 again. On the upside, though, above 131.23 minor resistance will turn bias back to the upside for 133.12 instead.

In the bigger picture, current development suggests that EUR/JPY could have defended key support level of 124.08 key resistance turned support. And, the larger up trend from 109.03 (2016 low) is still in progress. Firm break of 137.49 structural resistance will target 141.04/149.76 resistance zone next. This will now be the preferred case as long as 127.85 near term support holds.

Daily Pivots: (S1) 143.91; (P) 144.70; (R1) 145.84; More….

Outlook in EUR/JPY remains unchanged and intraday bias stays mildly on the upside. Correction from 148.38 might have completed at 142.54, after hitting 38.2% retracement of 133.38 to 148.38 at 142.65. Further rally would be seen to retest 148.38 high. However, on the downside, sustained break of 142.65 will bring deeper fall to 61.8% retracement at 139.11 and possibly below.

In the bigger picture, there is no clear sign of medium term topping yet. Up trend from 114.42 (2020 low) could still resume through1 48.38 to 149.76 (2014 high). However, break of 137.32 support argue that a medium term correction has already started to correct the whole up trend from 144.42.

EUR/JPY recovered to 121.15 last week but failed to take out 121.26 minor resistance and reversed. The development so far affirms the bearish view that corrective rise from 115.86 has completed at 122.87 already. Initial bias is neutral this week first. Break of 119.77 will pave the way to retest 115.86 low. Though, break of 121.26 will turn focus back to 122.87 high instead.

In the bigger picture, EUR/JPY is still staying in the falling channel established since 137.49 (2018 high). Thus, outlook remains bearish. Rise from 115.86 is seen as a corrective rise, which might have completed. Firm break of 115.86 will resume the down trend to 114.84 support next.

In the long term picture, EUR/JPY is staying in long term sideway pattern, established since 2000. Fall from 137.49 is seen as a falling leg inside the pattern. This falling leg would target 109.48 (2016 low). With EUR/JPY staying below 55 month EMA (now at 125.58), this is the preferred case.

EUR/JPY rebounded after dipping to 134.76 but lacked follow through buying. Initial bias is neutral this week first. Consolidation from 139.99 could extend further. But downside should be contained by 38.2% retracement of 124.37 to 139.99 at 134.02 to bring rebound. On the upside, firm break of 139.99 will resume larger up trend for 144.06 medium term projection level.

In the bigger picture, up trend from 114.42 (2020 low) is in progress. Such rise is seen as the third leg of the pattern from 109.30 (2016 low). Next target will be 100% projection of 114.42 to 134.11 from 124.37 at 144.06. In any case, outlook will now remain bullish as long as 124.37 support holds, in case of deep pull back.

In the long term picture, focus stays on 137.49 resistance (2018 high). Sustained break there will raise the chance that whole rise from 94.11 (2012 low) is resuming through 149.76 resistance. This will be a slightly favored case for now, as long as 124.37 support holds.

Daily Pivots: (S1) 156.28; (P) 157.33; (R1) 158.02; More….

Intraday bias in EUR/JPY stays neutral at this point. Corrective fall from 159.75 could extend lower as long as 158.64 resistance holds. Break of 156.57, and sustained trading below 55 D EMA (now at 156.72) will argue that fall from 159.75 is a larger scale correction. Deeper fall would be seen back towards 151.39 support.

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. Sustained break there will pave the way to retest long term resistance at 169.96. This will remain the favored case as long as 151.39 support holds, even in case of deep pull back.

EUR/JPY dropped sharply to as low as 126.00 last week. The solid break of 127.13 support confirmed our view that corrective rise from 124.61 has completed with three waves up to 131.97. And more importantly, the whole fall from 137.49 is likely resuming. Initial bias remains on the downside this week for 124.61 . On the upside, above 127.38 minor resistance will turn intraday bias neutral first. But recovery should be limited below 128.49 support turned resistance to bring another fall.

In the bigger picture, focus is back on 124.08 key resistance turned support. Decisive break there will argue that whole rise from 109.03 (2016 low) has completed at 137.49. Deeper decline would be seen to 61.8% retracement of 109.03 to 137.49 at 119.90 next. Sustained break there will pave the way to 109.03 and below. Meanwhile, rebound from 124.08 will keep medium term bullishness intact for another high above 137.49.

In the long term picture, at this point, EUR/JPY is staying in long term sideway pattern, established since 2000. Rise from 109.03 is seen as a leg inside the pattern. As long as 124.08 support holds, further rally is in favor in medium to long term through 149.76 high. However, break of 124.08 could extend the fall through 109.03 low instead.

EUR/JPY breached 131.65 key support last week but quickly recovered. Initial bias remains neutral this week first. After all, decisive break of 134.39/48 resistance zone is needed to confirm up trend resumption. Otherwise, even in case of rebound, near term outlook is neutral at best. On the downside, decisive break of 131.65 will confirm rejection from 134.20 fibonacci level and confirm near term reversal. And, in such case, intraday bias will be turned to the downside for 127.55 key support level.

In the bigger picture, medium term rise from 109.03 (2016 low) is seen as at the same degree as the down trend from 149.76 (2014 high) to 109.03 (2016 low). 61.8% retracement of 149.76 to 109.03 at 134.20 is already met. Sustained break there will pave the way to key long term resistance zone at 141.04/149.76. However, break of 127.55 support will argue that the medium term trend has reversed and will turn outlook bearish for deeper fall back to 114.84/124.08 support zone at least.

In the long term picture, at this point, there is no clear indication that rise from 109.03 is resuming that from 94.11. Hence, we’d be cautious on topping below 149.76 to extend range trading. Nonetheless, firm break of 149.76 will indicates strong underlying buying. In such case, EUR/JPY will target 100% projection of 94.11 to 149.76 from 109.03 at 164.68.

Daily Pivots: (S1) 130.90; (P) 131.18; (R1) 131.37; More….

EUR/JPY is staying in consolidation from 132.35 and intraday bias remains neutral for the moment. Downside of retreat should be contained well above 129.57 support to bring rise resumption. On the upside, break of 132.35 will target 100% projection of 114.42 to 127.07 from 121.63 at 134.28.

In the bigger picture, rise from 114.42 is seen as a medium term rising leg inside a long term sideway pattern. Further rise is expected as long as 127.07 resistance turned support holds. Next target is 137.49 (2018 high). Decisive break there will open up the possibility that it’s indeed resuming the up trend from 94.11 (2012 low).

Daily Pivots: (S1) 118.07; (P) 119.00; (R1) 120.28; More….

Outlook in EUR/JPY is unchanged and intraday bias remains neutral. Consolidation from 115.86 could extend with another rise. On the upside, break of 121.39 will target 122.87 resistance. On the downside, sustained break of 115.86 will indicate larger down trend resumption.

In the bigger picture, outlook remains bearish as the cross is staying well inside falling channel established since 137.49 (2018 high). As long as 122.87 resistance holds, the down trend should resume sooner or later to 114.84 support next. However, sustained break of 122.87 will complete a double bottom (115.86, 116.12) which could indicate medium term bullish reversal.

Daily Pivots: (S1) 161.01; (P) 161.37; (R1) 162.04; More….

EUR/JPY’s rally is still in progress and hits as high as 161.71 so far. Intraday bias stays on the upside for 163.06 projection level next. On the downside, below 160.68 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.

Daily Pivots: (S1) 138.24; (P) 138.87; (R1) 139.47; More….

EUR/JPY’s retreat from 139.99 continues today but stays well above 134.33 support. Intraday bias remains neutral for the moment, and outlook remains bullish too. On the upside, break of 139.99 will resume larger up trend to 144.06 projection level next. However, sustained break of 134.33 will dampen this bullish case and bring deeper pull back.

In the bigger picture, up trend from 114.42 (2020 low) is in progress. Such rise is seen as the third leg of the pattern from 109.30 (2016 low). Next target will be 100% projection of 114.42 to 134.11 from 124.37 at 144.06. In any case, outlook will now remain bullish as long as 124.37 support holds, in case of deep pull back.

Daily Pivots: (S1) 157.06; (P) 157.49; (R1) 157.73; More….

Intraday bias in EUR/JPY is turned neutral with current retreat. Some consolidations would be seen first. But further rally is expected as long as 154.03 support holds. Break of 157.99 will resume larger up trend to 162.82 projection level. However, break of 154.03 will argue that larger correction is under way back to 151.60 resistance turned support.

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 138.81 at 162.82. For now, medium term outlook will remain bullish as long as 151.60 resistance turned support holds, even in case of deep pull back.

Daily Pivots: (S1) 138.92; (P) 139.49; (R1) 140.27; More….

EUR/JPY’s fall resumes after brief recovery and intraday bias stays on the downside. Fall from 142.31 is seen as a falling leg inside the corrective pattern from 144.23. Deeper decline would be seen to 136.85 support. On the upside, above 140.06 minor resistance will turn bias back to the upside for 142.31 resistance instead.

In the bigger picture, up trend from 114.42 (2020 low) is seen as the third leg of the pattern from 109.30 (2016 low). Further rally is in favor as long as 134.11 resistance turned support holds, even in case of deep pull back. Next target is 149.76 (2015 high). However, sustained break of 134.11 will be a sign of medium term bearish reversal and turn focus to 124.37 support for confirmation.

Daily Pivots: (S1) 132.82; (P) 133.08; (R1) 133.35; More….

EUR/JPY is still bounded in range of 131.16/134.48 and intraday bias remains neutral. Further rise is expected as long as 131.16 support holds. Decisive break of 134.48 will resume medium term rise from 114.84 and target 141.04 resistance next. However, sustained break of 131.16 support will now indicate near term trend reversal and turn outlook bearish for 127.55 key support.

In the bigger picture, medium term rise from 109.03 (2016 low) is seen as at the same degree as the down trend from 149.76 (2014 high) to 109.03 (2016 low). Sustained break of 61.8% retracement of 149.76 to 109.03 at 134.20 will pave the way to key long term resistance zone at 141.04/149.76. However, break of 127.55 support will suggest medium term topping and will turn outlook bearish for deeper fall back to 114.84/124.08 support zone at least.

Daily Pivots: (S1) 129.43; (P) 129.87; (R1) 130.19; More….

EUR/JPY is staying in consolidation from 128.58 and intraday bias remains neutral at this point. Near term outlook stays bearish as long as 131.07 resistance holds. On the downside, break of 128.58 will resume the fall from 134.11, and target 127.07 resistance turned support next.

In the bigger picture, rise from 114.42 is seen as a medium term rising leg inside a long term sideway pattern. As long as 127.07 resistance turned support holds, further rise is still expected to retest 137.49 (2018 high). However, firm break of 127.07 will argue that the medium term trend has reversed, and open up the case for retesting 114.42.

Daily Pivots: (S1) 125.52; (P) 125.75; (R1) 126.16; More….

EUR/JPY rebounds notably but stays below 126.19 minor resistance. Intraday bias remains neutral first. On the upside, break of 126.19 will reaffirm the case that correction from 127.48 has completed at 125.07. Intraday bias will be turned back to the upside for retesting 127.48 high. On the downside, however, break of 125.07 will resume the correction from 127.48. Intraday bias will be turned back to the downside for 61.8% retracement of 121.63 to 127.48 at 123.86.

In the bigger picture, rise from 114.42 is seen as a medium term rising leg inside a long term sideway pattern. Further rise is expected as long as 121.63 support holds. Decisive break of 127.07 will target 61.8% retracement of 137.49 (2018 high) to 114.42 at 128.67. Sustained trading above there will target 137.49 next. However, firm break of 121.63 will argue that the rise from 114.42 has completed and turn focus back to this low.

Daily Pivots: (S1) 162.37; (P) 162.77; (R1) 163.54; More….

Outlook in EUR/JPY is unchanged and intraday bias stays neutral. On the upside, firm break of 163.86 resistance will resume the rebound from 154.40 to 61.8% retracement of 175.41 to 154.40 at 167.38. On the downside, break of 161.83 minor support will turn bias back to the downside. Further break of 158.09 will target 154.40/155.14 support zone.

In the bigger picture, price actions from 175.41 are seen as correction to rally from 114.42 (2020 low). The range of consolidation should have been set between 38.2% retracement of 114.42 to 175.41 at 152.11 and 175.41 high. However, decisive break of 152.11 would argue that deeper correction is underway.

Daily Pivots: (S1) 121.97; (P) 122.52; (R1) 123.09; More….

EUR/JPY is staying in consolidation from 121.63 temporary low and intraday bias remains neutral first. Deeper decline would remain in favor as long as 125.08 resistance holds, even in case of strong recovery. Break of 121.63 will resume the fall from 127.07, to 61.8% retracement of 114.42 to 127.07 at 119.25, which is close to 119.31 key support.

In the bigger picture, rise from 114.42 is seen as a medium term rising leg inside a long term sideway pattern. Further rise is expected as long as 119.31 support holds. Break of 127.07 will target 61.8% retracement of 137.49 (2018 high) to 114.42 at 128.67 next. However, firm break of 119.31 will argue that the rise from 114.42 has completed and turn focus back to this low.

Daily Pivots: (S1) 119.87; (P) 120.49; (R1) 121.06; More…..

Intraday bias in EUR/JPY remains neutral for consolidation above 119.31 temporary low. With 122.11 resistance intact, fall from 124.43 is still in favor to continue. Break of 119.31 will target 61.8% retracement of 114.42 to 124.43 at 118.24. However, break of 122.11 will turn bias back to the upside for retesting 124.43 instead.

In the bigger picture, whole down trend from 137.49 (2018 high) could have completed at 114.42 already. Rise from 114.42 would target 61.8% retracement of 137.49 to 114.42 at 128.67 next. Sustained break there will pave the way to 137.59 (2018 high). This will remain the preferred case for now, as long as 55 day EMA (now at 119.22) holds. However, sustained break of 55 day EMA will revive medium term bearishness for another low below 114.42 at a later stage.

Daily Pivots: (S1) 124.06; (P) 124.46; (R1) 124.81; More….

At this point, we’re still looking at strong resistance around 124.61 to limit the rebound from 118.62. And, on the downside, On the downside, break of 122.84 minor support will turn bias back to the downside for retesting 118.62 low first. However, sustained break of 124.61 will extend the rebound to 127.09 resistance next.

In the bigger picture, medium term rebound from 109.03 (2016 low) has completed at 137.49 already, with corrective structure. Fall from 137.39 is seen as a medium term fall, resuming the decline from 149.76 (2014 high). Such decline should break through 109.03 low next. This will remain the preferred case as long as 124.61 support turned resistance holds. Sustained break of 124.61 will mix up the outlook and we’ll reassess on the final structure of the rebound from 118.62.