EUR/JPY Daily Outlook

EUR/JPY Daily Outlook

Daily Pivots: (S1) 140.84; (P) 141.62; (R1) 142.23; More...

Outlook in EUR/JPY stays mildly bearish with 142.90 resistance intact. The correction from 145.68 is still in progress and would extend to 138.45 support and below. On the upside, break of 142.90 resistance is needed to confirm completion of the fall. Otherwise, near term outlook will stay mildly bearish.

In the bigger picture, medium term up trend from 94.11 is still in progress and there is no clear sign of topping yet. Further rally is expected to 76.4% retracement of 169.96 to 94.11 at 152.59 and above. And, break of 135.50 resistance turned support is needed to be the first sign of medium term topping. Otherwise, outlook will stay bullish.