Detailed FX Market Outlook and Analysis

EUR/JPY Daily Analysis 23-DEC-2022

EUR/JPY Daily Analysis

Intraday bias in EUR/JPY is neutral as consolidation from 138.79 extends. The further decline will remain in favor as long as the 141.60 minor resistance holds. A firm break of 100% projection of 148.38 to 140.75 from 146.71 at 139.08 will pave the way to a 161.8% projection at 134.36. However, the break of 141.60 will bring a stronger rebound instead.

In the bigger picture, as long as 55-week EMA (now at 138.54) holds, the larger up trend from 114.42 (2020 low) is still in progress for 149.76 long-term resistance. However, a firm break of 55-week EMA will bring a deeper fall to 38.2% retracement of 114.42 to 148.38 at 135.40 before completing the correction from 148.38.


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