EUR/JPY Forecast Today
At the moment, the EUR/JPY intraday bias is neutral. On the downside, a break below 140.15 minor support will revert the tilt to the 137.37 low. If this level is broken, the drop from 148.38 to 135.40 Fibonacci will resume. However, given the positive convergence situation in the 4-hour MACD, a breach of 142.92 suggests that the correction from 148.38 has been finished. The intraday tendency will go back to the upside towards the 146.71 barrier level.
In the wider picture, as long as the 55-week EMA (now at 138.64) holds, the greater uptrend from 114.42 (2020 low) to 149.76 long-term resistance will continue. However, a strong breach of the 55-week EMA will result in a further drop to the 38.2% retracement of 114.42 to 148.38 at 135.40. A sustained break there increases the likelihood of a trend reversal, with a 61.8% retracement at 127.39 being the objective.EUR/JPY Forecast Today