EUR/JPY Plummets: Technical Analysis Points to Deeper Decline

The EUR/JPY currency pair has seen a sharp decline last week, and as of now, there is no clear indication that it will be reversing its trend anytime soon. According to technical analysis, the initial bias remains on the downside this week first.

The fall from 186.00 is considered another leg in the corrective pattern from the high at 187.93. A deeper decline could be seen to the support level of 179.34 and potentially below. On the other hand, if the price manages to break above the minor resistance at 181.94, it will turn intraday bias neutral first.

In the bigger picture, the price actions from 187.93 are likely correcting the entire uptrend from the low of 154.77 in 2025. A deeper fall could be seen to the cluster support at 175.41 and the 38.2% retracement of 154.77 to 187.93 at 175.26 before completion.

In the long-term picture, the uptrend from the low of 94.11 in 2021 is still in progress. The next target for this trend is the 138.2% projection of 94.11 to 149.76 (2014 high) from 114.42 at 191.32.