Detailed FX Market Outlook and Analysis

EUR/JPY Daily Analysis 16-SEP-2022

EUR/JPY Daily Analysis

Intraday bias in EUR/JPY is staying neutral as consolidation from 145.62 is extending. A deeper pullback cannot be ruled out. But the downside should be contained above 138.38 resistance turned support bring another rally. On the upside, a decisive break of 61.8% projection of 124.37 to 144.26 from 133.38 at 145.67 will pave the way to 149.76 long-term resistance, and then a 100% projection at 153.27.

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). The next target is 149.76 (2015 high). For now, the outlook will remain bullish as long as 133.38 support holds, even in case of a deep pullback.

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