Daily Forex Analysis – EUR/JPY
The Daily Forex Analysis for EUR/JPY remains impartial in the interim, holding a mild downside risk as long as the 158.68 resistance persists. A breakthrough of 156.61 support, coupled with enduring trading below the 55 D EMA, currently at 156.84, would suggest that the descent from 159.79 is indicative of a more substantial scale correction. This could lead to a deeper retracement towards the 151.43 support level. Conversely, surpassing 158.68 could invoke a retest of the 159.79 high.
In the broader perspective, and in line with our Daily Analysis, the ascent from 114.46 remains anticipated to persevere as long as the support at 151.43 is intact. The next focal point is the 163.10 level, which is a 100% projection of 124.41 to 148.42 from 139.09. A decisive and sustained rupture here would set the stage to challenge long-term resistance located at 170.00.
Analysis Summary
EUR/JPY’s intraday outlook holds a neutral stance for now, presenting a mild downside risk with 158.68 as a pivotal resistance. Potential decline targets 151.43 while surpassing resistance might lead to retesting the 159.79 high. The broader view keeps the ascent from 114.46 in focus, aiming for 163.10 next.
Key Points
- Neutral intraday bias in EUR/JPY, mild downside risk.
- Support at 156.61; resistance at 158.68.
- Long-term ascent view targets 163.10.
