EURJPY Outlook

Intraday bias in EURJPY is turned neutral first with current recovery. Some consolidations would be seen above 179.34 temporary low. But risk will remain on the downside as long as 55 4H EMA (now at 184.22) holds. Below 179.34 will extend the decline from 187.93 to 38.2% retracement of 154.77 to 187.93 at 175.26.

In the bigger picture, uptrend from 114.42 (2020 low) is still expected to resume at a later stage to 78.6% projection of 124.37 (2022 low) to 175.41 (2025 high) from 154.77 at 194.88. However, sustained break of 55 W EMA (now at 180.26) will argue that it's already in a medium term down trend to 175.41 resistance turned support and below.

EUR/JPY's decline continues today and intraday bias remains on the downside. Sustained trading below 180.78 support will will indicate that it's already correcting the whole rise from 154.77 to 187.93. Deeper fall should then be seen to 38.2% retracement of 154.77 to 187.93 at 175.26. For now, risk will stay on the downside as long as 182.10 minor resistance holds, in case of recovery.

In the bigger picture, uptrend from 114.42 (2020 low) is still expected to resume at a later stage to 78.6% projection of 124.37 (2022 low) to 175.41 (2025 high) from 154.77 at 194.88. However, sustained break of 55 W EMA (now at 180.26) will argue that it's already in a medium term down trend to 175.41 resistance turned support and below.

EUR/JPY's steep decline last week suggests that it's already in the third leg of the pattern from 187.93. Initial bias stays on the downside this week for 180.78 support. Decisive break there will indicate that it's already correcting the whole rise from 154.77 to 187.93. Deeper fall should then be seen to 38.2% retracement of 154.77 to 187.93 at 175.26. For now, risk will stay on the downside as long as 185.15 minor resistance holds, in case of recovery.

In the bigger picture, uptrend from 114.42 (2020 low) is still expected to resume at a later stage to 78.6% projection of 124.37 (2022 low) to 175.41 (2025 high) from 154.77 at 194.88. However, sustained break of 55 W EMA (now at 180.17) will argue that it's already in a medium term down trend to 175.41 resistance turned support and below.

In the long term picture, up trend from 94.11 (2021 low) is in progress. Next target is 138.2% projection of 94.11 to 149.76 (2014 high) from 114.42 (2020 low) at 191.32. This will remain the favored case as long 55 W EMA holds.