Detailed FX Market Outlook and Analysis

EUR/JPY Daily Analysis 05-SEP-2022

EUR/JPY Daily Analysis

Intraday bias in EUR/JPY is turned neutral with the current retreat. But further rise will be mildly in favor as long as 138.24 minor support holds. A break of 140.73 will resume the rebound from 133.38 to 142.31 resistance next. However, on the downside, the break of 138.24 will turn bias back to the downside for 135.50 support instead.

In the bigger picture, the up trend from 114.42 (2020 low) is seen as the third leg of the pattern from 109.30 (2016 low). Further rally is in favor as long as 134.11 resistance turned support holds, even in case of deep pull back. The next target is 149.76 (2015 high). However, sustained break of 134.11 will be a sign of medium term bearish reversal and turn focus to 124.37 support for confirmation.

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