Detailed FX Market Outlook and Analysis

EUR/JPY Daily Analysis 18-NOV-2022

EUR/JPY Daily Analysis

Outlook in EUR/JPY remains unchanged and intraday bias stays mildly on the upside. Correction from 148.38 might have been completed at 142.54, after hitting a 38.2% retracement of 133.38 to 148.38 at 142.65. Further rally would be seen to retest the 148.38 high. However, on the downside, a sustained break of 142.65 will bring a deeper fall to 61.8% retracement at 139.11 and possibly below.

In the bigger picture, there is no clear sign of medium-term topping yet. Up trend from 114.42 (2020 low) could still resume through1 48.38 to 149.76 (2014 high). However, the break of 137.32 support argues that a medium-term correction has already started to correct the whole up trend from 144.42.

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