EUR/JPY Consolidation Mode: Key Targets and Support Levels Unveiled

The EUR/JPY currency pair has been in consolidation mode above its short-term bottom of 177.82, according to Action Forex's analysis.

As a result, their initial bias remains neutral this week, but there are potential targets and support levels to consider.

On the upside, if the price breaks through the 38.2% retracement level of 184.06, it could target the 61.8% retracement level at 184.06 next.

However, a firm break below 177.82 would likely extend the decline from 187.93 to the 175.26/41 support zone instead.

In the bigger picture, the price action from 187.93 is seen as a corrective pattern within an uptrend that began at 154.77 in 2025.

This correction may not be over yet, and deeper falls cannot be ruled out, potentially targeting the 175.41 cluster support zone or the 38.2% retracement level of 175.26 before completion.

As long as the 186.00 resistance holds, there is a risk on the downside, suggesting that traders should remain cautious and consider selling opportunities if they arise.