The short‑term bias for EUR/JPY remains cautiously bullish. The current rally from 182.10 aims to revisit the 187.93 peak, but as this move is seen as corrective, the 187.93 area is expected to act as a strong barrier. On the downside, a break beneath 185.32 would shift the intraday bias to neutral.
Looking ahead, the longer‑term uptrend that began at 114.42 (the 2020 low) is projected to target a 78.6% extension of the move from 124.37 (2022 low) to 175.41 (2025 high), starting from 154.77 at 194.88. Yet a sustained breach of the 55‑week EMA, currently around 180.40, could indicate a shift to a medium‑term downtrend, with 175.41—now acting as resistance turned support—serving as the next key level.
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