Detailed FX Market Outlook and Analysis

EUR/JPY: Neutral Intraday Outlook with Potential for Uptrend

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EUR/JPY Daily Forex Analysis

The EUR/JPY pair maintains a consistent intraday outlook, with the bias leaning towards neutral in our Daily Forex Analysis. Should we see a concrete break of the 158.32/158.36 levels, we could expect the broader upward trend to resume, possibly reaching the 162.85 projection level next. However, a drop below the 155.40 marker could signal the extension of the corrective pattern originating from 158.32, featuring an additional fall.

Zooming out for the bigger picture, provided the resistance-turned-support at 151.90 holds firm, the rise commencing from the 2020 low of 114.72 is still underway according to our Daily Analysis. A resumption would aim for the next target, a 100% projection of 124.67 to 148.68 from 139.11, pegged at 162.85. Nonetheless, a sustained breach below 151.90 could suggest the onset of a larger correction, setting the stage for a deeper decline possibly down to the 55 W EMA, now sitting at 145.86.

EUR/JPY Daily Analysis Summary

Summarizing, the EUR/JPY Intraday Analysis is neutral with a slight bullish inclination, provided the 158.32/158.36 resistance levels are decisively broken. However, a drop below 155.40 could trigger a more bearish scenario.

Key Points:

  • The broader upward trend could resume upon a decisive break of the 158.32/158.36 resistance levels.
  • A drop below 155.40 could signal an extension of the corrective pattern.
  • A sustained break of 151.90 could indicate a larger correction is underway.

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