Detailed FX Market Outlook and Analysis

EUR/JPY Daily Analysis 11-OCT-2022

EUR/JPY Daily Analysis

Intraday bias in EUR/JPY stays neutral at this point. 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 towards 137.32 support. On the upside, above 144.06 will bring a retest of 145.62 high.

In the bigger picture, as long as the 133.38 support holds, the up trend from 114.42 (2020 low) could still extend through the 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 a medium-term bearish reversal and bring a deeper fall to 124.37 support first.

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