EUR/JPY Daily Outlook

EUR/JPY Daily Outlook  Daily Pivots: (S1) 133.42; (P) 133.84; (R1) 134.25;
Intraday bias in EUR/JPY remains neutral for the moment. Price actions from 130.13 are viewed as a consolidation pattern. Even in case of another rise, upside should be limited by 137.63 resistance to bring down trend resumption. Below 132.53 minor support will turn bias back to the downside for retesting 130.13 first. Break will extend recent down trend and target next medium term fibonacci level at 128.50.




In the bigger picture, the break of 134.13 support should confirm medium term topping at 149.76, on bearish divergence condition in weekly MACD. Deeper correction should now be seen to 38.2% retracement of 94.11 to 149.76 at 128.50 first. Based on current momentum, the correction could go deeper to 61.8% retracement at 115.36.