EUR/JPY Daily Outlook

Daily Pivots: (S1) 129.85; (P) 130.05; (R1) 130.45; More….

EUR/JPY rises to as high as 103.59 so far today. The break of 130.33 resistance and sustained trading above near term falling channel indicate trend reversal. Further rise should be seen to 100% projection of 124.61 to 130.33 from 127.13 at 132.85 next. On the downside break of 128.49 support in now needed to indicate completion of rise from 127.13. Otherwise, outlook will remain cautiously bullish in case of retreat.

In the bigger picture, for now, EUR/JPY is holding above 124.08 key resistance turned support. Fall from 137.49 could be proven to be a correction. Decisive break of 133.47 resistance will confirm its completion and should extend the rise from 109.03 (2016 low) through 137.49 high. However, firm break of 124.08 will confirm trend reversal. That is, whole rise from 109.03 (2016 low) has completed at 137.49 already. In that case, deeper fall should be seen back to 61.8% retracement of 109.03 to 137.49 at 119.90 and below.