Detailed FX Market Outlook and Analysis

EUR/JPY Daily Analysis 28-OCt-2022

EUR/JPY Daily Analysis

EUR/JPY’s consolidation from 148.38 is extending and the intraday bias remains neutral. A deeper retreat could be seen but the downside should be contained by the 140.88/144.06 support zone to bring another rally. A break of 148.38 will resume a larger up trend to a 100% projection of 133.38 to 145.62 from 137.32 at 149.56, which is close to 149.76 long-term resistance.

In the bigger picture, the up trend from 114.42 (2020 low) is still in progress for 149.76 (2014 high). A decisive break there will pave the way to a 161.8% projection of 114.42 to 134.11 from 124.37 at 156.22. This will now remain the favored case as long as 137.32 support holds.

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