EUR/JPY Intraday Market Outlook For Traders

Intraday bias in EUR/JPY remains neutral for consolidation below 128.44 temporary top. The outlook is unchanged that in case of another fall, the downside should be contained well above 125.07 support to bring rebound. On the upside, a sustained break of 128.67 long-term Fibonacci level will confirm medium-term upside momentum, and target 100% projection of 121.63 to 127.48 from 125.07 at 130.92 next.

In the bigger picture, a rise from 114.42 is seen as a medium-term rising leg inside a long-term sideways pattern. Further rise is expected as long as 125.07 support holds. Next target is 61.8% retracement of 137.49 (2018 high) to 114.42 at 128.67. Sustained trading above there will indicate solid upside momentum and target 137.49 next. This will remain the favored case as long as 125.07 support holds.