EUR/JPY Daily Outlook

Published 01/19/2015, 07:21 AM
Updated 03/09/2019, 08:30 AM

EUR/JPY Daily Outlook

Daily Pivots: (S1) 134.98; (P) 135.57; (R1) 136.45;

Intraday bias remains on the downside for 134.13 key support level. Decisive break there will carry larger bearish implications. On the upside, break of 138.78 resistance is needed to signal short term bottoming. Otherwise, outlook will stay bearish in case of recovery.

In the bigger picture, current development continues to indicate medium term topping at 149.76, ahead of 76.4% retracement of 169.96 to 94.11 at 152.59, on bearish divergence condition in weekly MACD. Focus is on 134.13 support. Decisive there will confirm this bearish case and bring deeper correction to 38.2% retracement of 94.11 to 149.76 at 128.50.

EUR/JPY 4 Hours Chart

EUR/JPY Daily Chart

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