Detailed FX Market Outlook and Analysis

EUR/JPY Daily Analysis 01-JAN-2023

EUR/JPY Daily Analysis

Intraday bias in EUR/JPY stays neutral for the moment. Outlook stays bearish as long as the 142.92 resistance holds. A break of 137.37 will resume the decline from 148.38 to 135.40 Fibonacci level. However, considering the bullish convergence condition in 4 hours MACD, the break of 142.92 will argue that the correction from 148.38 might have been completed. Intraday bias will be turned back to the upside for 146.71 resistance.


In the bigger picture, as long as 55 weeks EMA (now at 138.54) holds, the larger up trend from 114.42 (2020 low) is still in progress for 149.76 long-term resistance. However, a firm break of 55 weeks EMA will bring a deeper fall to 38.2% retracement of 114.42 to 148.38 at 135.40. Sustained break there will raise the chance of trend reversal and target a 61.8% retracement at 127.39.


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