EUR/JPY fell further to 177.82 last week but turned sideway since then. Initial bias remains neutral this week first. Further decline is expected as long as 179.88 minor resistance holds. Below 177.82 will extend the fall from 187.93 to 175.41 key cluster support. Nevertheless, break of 179.88 minor resistance will suggest short term bottoming, and bring stronger rebound to 55 4H EMA (now at 180.58) and possibly above.
In the bigger picture, price actions from 187.93 are likely at least correcting whole up trend from 154.77 (2025 low). Deeper fall could be seen to 175.41 cluster support (2025 high) and 38.2% retracement of 154.77 to 187.93 at 175.26 before completion. For now, risk will stay on the downside as long as 186.00 resistance holds, in case of rebound.
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 175.41 resistance turned support holds.
 and possibly above.){kind=link}