FX.co ★ EUR/JPY

Analysis and forecast for the currency pair EURJPY based on technical analysis The euro against the Japanese yen pair slightly rose this week after a sharp decline at the end of the previous one, which seemed to break the uptrend. However, it can now be assumed that this impulse was false and the price is gradually recovering its positions. Currently, the quotes of the EURJPY pair are trading above the key level of 185, which could act as support for the price. In general, on Thursday the price bounced back from this level, so next week we might not drop as close again. Nevertheless, there could still be an opportunity to find an entry point for long positions, as the week closed with a minor pullback and we haven't moved too far away yet. Looking ahead, I expect the price to move towards the level of 187.50, where the 161st Fibonacci level is located, which I stretched based on the previous correction. However, this target is quite distant, so it may also be reasonable to aim for an initial rise to 186.50, with other entry points to follow.