Detailed FX Market Outlook and Analysis

EUR/JPY Daily Analysis 23-MAY-2022

EUR/JPY Daily Analysis

Intraday bias in EUR/JPY remains neutral for the moment. The corrective pattern from 139.99 could still extend lower. On the downside, the break of 132.63 will resume the fall and target a 61.8% retracement of 124.37 to 139.99 at 130.33. On the upside, the break of 138.33 will indicate that the correction has been completed, and bring a retest of 139.99 high next.

An uptrend from 114.42 (2020 low) is in progress in the bigger picture. Such rise is seen as the third leg of the pattern from 109.30 (2016 low). The next target will be a 100% projection of 114.42 to 134.11 from 124.37 at 144.06. In any case, the outlook will now remain bullish as long as 124.37 support holds, in case of deep pullback.

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