FX.co ★ EUR/JPY

Hello traders! The currency pair EURJPY. The current decline in this instrument I see as a descending correction. The price has found support at 183.01. From this area, I expect a reversal and a continuation of the upward movement. In this case, the nearest potential target I consider is the resistance level at 184.83. If the bulls manage to overcome this level and successfully consolidate above it, we will likely see an increase towards the level of 186.30. For conservative traders, I recommend considering buying when the price is trading above the 46-period Moving Average on the four-hour timeframe. Buying will be preferred as long as the pair is trading above this moving average. A pullback to this level will reduce the relevance of buying.