EUR/JPY Daily Outlook
Daily Pivots: (S1) 139.57; (P) 140.30; (R1) 141.67; More...
EUR/JPY edges higher to 141.55 so far today as recent rally continues. Intraday bias stays on the upside and current rise would target 61.8% projection of 134.10 to 140.02 from 138.45 at 142.10 next. On the downside, break of 138.45 support is needed to signal near term topping. Otherwise, outlook will stay cautiously bullish now.
In the bigger picture, medium term up trend from 94.11 is still in progress and EUR/JPY seems to be regaining upside momentum again. Sustained break of 61.8% retracement of 169.96 to 94.11 at 140.98 will pave the way to 76.4% retracement at 152.59. Meanwhile strong bounce off from 140.98 will bring pull back to 124.95 support and possibly below before staging another up trend.