EUR/JPY Plunges Sharply, Analysts Warn of Further Declines

The EUR/JPY currency pair fell sharply last week, and analysts at Action Forex are warning of further declines. The pair's fall from 186.00 is seen as part of a larger correction from its 2025 high at 187.93. This corrective pattern could potentially reach as low as the 38.2% retracement level of 175.26.

Additionally, Action Forex notes that the up trend from 94.11 (2021 low) is still in progress, with a target of 191.32. However, this long-term uptrend is contingent upon the pair's ability to hold above the cluster support at 175.41.