EUR/JPY Price Action Triggers Neutral Bias Amid Ongoing Risk
The EUR/JPY currency pair rebounded last week after initially falling to 179.34, but its bias remains neutral this week.
As long as the 55 4H EMA holds at 183.17, there's a risk of further decline on the downside.
If prices break below 181.15, expect a retest of the low 179.34 first, with a firm break sparking a larger fall to 38.2% retracement of 154.77 to 187.93 at 175.26.
Looking at the bigger picture, the focus is now on the 55 W EMA at 180.17, which could indicate an up trend from 114.42 (2020 low) remains intact.
A strong rebound from this level would set up another rally through 187.93 to a 78.6% projection of 124.37 (2022 low) to 175.41 (2025 high) at 194.88, but sustained break of the 55 W EMA would argue it's already in a medium-term down trend.