Detailed FX Market Outlook and Analysis

EUR/JPY Daily Analysis 11-May-2022

EUR/JPY Daily Analysis

Intraday bias in EUR/JPY remains neutral as consolidation from 139.99 is extending. In case of another decline, the downside should be contained by a 38.2% retracement of 124.37 to 139.99 at 134.02 to bring a rebound. On the upside, a firm break of 139.99 will resume a larger uptrend for the 144.06 medium-term projection level.

In the bigger picture, an uptrend from 114.42 (2020 low) is in progress. Such rise is seen as the third leg of the pattern from 109.30 (2016 low). Next target will be 100% projection of 114.42 to 134.11 from 124.37 at 144.06. In any case, the outlook will now remain bullish as long as 124.37 support holds, in case of deep pullback.

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