FX.co ★ EUR/JPY

Analysis and Forecast for the EURJPY Currency Pair Based on Technical Analysis At the beginning of this week, we saw a small correction on the euro against the Japanese yen after a decent increase in price last week. However, on Friday, we witnessed a relatively good upward impulse that managed to break the formed channel on the M30 timeframe, and now I believe the situation has shifted back in favor of the bulls. Furthermore, we can see a potentially good buy signal if the price manages to pull back to around the 38th Fibonacci level, which is approximately at 183.80. Although it may be limited to a smaller retracement to the 61st level at 184, this will depend on the circumstances. However, what is certain is that after entering the market, we can expect the EURJPY currency pair to target the 161 Fibonacci level at 185.10. In other words, I cannot guarantee that the price will necessarily move towards its targets after the signal, I am simply pointing out that these targets are quite clear, while an alternative scenario with a decline is always possible.