EUR/JPY Daily Outlook

Published 01/15/2015, 07:14 AM
Updated 03/09/2019, 08:30 AM

EUR/JPY Daily Outlook

Daily Pivots: (S1) 137.23; (P) 138.07; (R1) 139.13;

Near term outlook stays cautiously bearish in EUR/JPY with 141.71 resistance intact. Current fall from 149.76 should target a test on key support level at 134.13. Though, considering bullish convergence condition in 4 hours MACD, break of 141.71 will indicate short term bottoming and bring stronger rebound.

In the bigger picture, EUR/JPY started to lose medium term momentum ahead of 76.4% retracement of 169.96 to 94.11 at 152.59. Bearish divergence condition is also seen in weekly MACD. The up trend from 94.11 long term bottom could be starting to top. Nonetheless, break of 134.13 support is needed to confirm medium term reversal. Otherwise, further rise is still expected through 152.59 fibonacci level.

EUR/JPY 4 Hour Chart

EUR/JPY Daily Chart

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