Detailed FX Market Outlook and Analysis

EUR/JPY Daily Analysis 05-OCT-2022

EUR/JPY Daily Analysis

Intraday bias in EUR/JPY remains mildly on the upside. A rise from 137.32 should target retesting at 145.62 high. Firm break there will resume larger up trend. On the downside, the break of 140.77 minor support will turn bias back to the downside, extending the corrective pattern from 145.62 with another falling leg.

In the bigger picture, as long as 133.38 support holds, the up trend from 114.42 (2020 low) could still extend through 145.62 high. In that case, the next target is 149.76 (2015 high). However, a sustained break of 133.38 will be a sign of medium-term bearish reversal and bring a deeper fall to 124.37 support first.

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