Detailed FX Market Outlook and Analysis

EUR/JPY Daily Analysis 11-NOV-2022

EUR/JPY Daily Analysis

Intraday bias in EUR/JPY remains neutral at this point. Strong support from 55-day EMA (now at 143.53), and a rebound from the current level will retain near-term bullishness. A break of 148.38 will resume a larger rise to 149.76 long-term resistance. However, a sustained trading below 55-day EMA will argue that larger scale correction is underlying, and target 137.32 support.

In the bigger picture, the up trend from 114.42 (2020 low) is still in progress for 149.76 (2014 high). A decisive break there will pave the way to a 161.8% projection of 114.42 to 134.11 from 124.37 at 156.22. This will now remain the favored case as long as 137.32 support holds.

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