EUR/JPY’s accelerated decline suggests that the corrective pattern from 187.93 has finally started the third leg. Deeper fall could be seen to 180.78 support. But downside should be contained there to bring rebound.
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 180.40) will argue that it’s already in a medium term down trend to 175.41 resistance turned support and below.
