Detailed FX Market Outlook and Analysis

EUR/JPY Daily Analysis 02-DEC-2022

EUR/JPY Daily Analysis

Intraday bias in EUR/JPY remains on the upside as a fall from 148.38 is in progress. The next target is a 61.8% retracement of 133.38 to 148.38 at 139.11. On the upside, above 143.12 minor resistance will turn intraday bias neutral first. But the further decline will remain in favor as long as the 146.12 resistance holds.

In the bigger picture, there is no clear sign of medium-term topping yet. Up trend from 114.42 (2020 low) could still resume through 148.38 to 149.76 (2014 high). However, the break of 137.32 support argues that a medium-term correction has already started to correct the whole up trend from 114.42.

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