Detailed FX Market Outlook and Analysis

EUR/JPY Daily Analysis 14-OCT-2022

EUR/JPY Daily Analysis

EUR/JPY’s rebound from 132.32 resumed by breaking 144.06 resistance. Intraday bias is back on the upside for retesting 145.62 high. A decisive break there will resume a larger up trend. For now, the further rally will remain in favor as long as 140.88 support is intact, in case of retreat.

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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