Detailed FX Market Outlook and Analysis

EUR/JPY Daily Analysis 28-MAR-2023

EUR/JPY Daily Analysis

The intraday bias for EUR/JPY is currently neutral. However, the risk remains tilted towards the downside as long as the resistance level at 143.61 holds. A break below 138.81 will confirm the bearish outlook that the decline from 145.55 is a part of the corrective decline from 148.38. The next targets are the 137.37 low, followed by the 135.40 Fibonacci level.

In the bigger picture, the larger uptrend from the 2020 low of 114.42 is still ongoing, as long as the 55-week EMA (currently at 139.58) holds. The long-term resistance is at 149.76. However, a sustained break of the 55-week EMA will lead to a deeper decline towards the 38.2% retracement level of 114.42 to 148.38, which is at 135.40. If there is a decisive break below that level, it will increase the likelihood of a trend reversal and target the 61.8% retracement at 127.39.

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