Detailed FX Market Outlook and Analysis

EUR/JPY Daily Analysis 21-June-2022

EUR/JPY Daily Analysis

No change in EUR/JPY’s outlook and intraday bias stays on the upside for retesting the 144.23 high. A firm break there will resume a larger up trend. On the downside, below 137.83 will turn bias back to the downside to extend the correction from 144.23.

In the bigger picture, an up trend from 114.42 (2020 low) is in progress. Such rise is seen as the third leg of the pattern from 109.30 (2016 low). Sustained trading above 100% projection of 114.42 to 134.11 from 124.37 at 144.06 will indicate upside acceleration and target 149.76 long-term resistance (2014 high). In any case, the outlook will now remain bullish as long as 132.63 support holds, in case of a deep pullback.

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