EUR/JPY Daily Outlook

Daily Pivots: (S1) 129.83; (P) 130.47; (R1) 130.91; More….

EUR/JPY dips notably after hitting 131.13 and intraday bias is turned back to the downside for 129.10 support. Break will extend the fall from 131.97 and target 127.13 support. On the upside, above 131.13 will likely resume the rebound from 124.61 thorugh 131.97.

In the bigger picture, for now, medium outlook remains cautiously bullish. the three wave structure of the fall from 137.49 to 124.61 argues that it’s a correction. Also, 124.08 key resistance turned support was defended. Break of 133.47 resistance will affirm the bullish case that rise from 109.03 (2016 low) is still in progress for another high above 137.49. And this will remain the favored case as long as 127.13 support holds.