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EUR/JPY Daily Outlook

Daily Pivots: (S1)11,551; (S2)11,524; (S3)11,480; (P)11,595; (R1)11,622; (R2)11,667; (R3)11,693

 

Intraday bias in EUR/JPY remains neutral for the moment. Corrective recovery from 11,443 might extend. But upside should be limited well below 11,778 resistance to bring down trend resumption. On the downside, the break of 11,443 should target 11,207.

In the bigger picture, the downtrend from 137.49 (2018 high) is still in progress. EUR/JPY continues to stay well inside the falling channel and below falling 55-week EMA. Deeper fall could be seen to retest 109.48 (2016 low) next. On the upside, break of 122.87 resistance is needed to confirm medium term bottoming. Otherwise, outlook will stay bearish in case of rebound.

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