EUR/JPY Rally Continues with Experts Eyeing 0.9379 Target

The EUR/JPY currency pair has continued its upward rally from 0.8979 and shows no signs of slowing down. According to expert analysis, the initial bias remains on the upside for a 100% projection of the move from 0.9094 at 0.9379.

The medium-term picture suggests that the break of the falling trend line resistance indicates that 0.8979 is already a medium-term bottom. The bullish convergence condition in the W MACD also supports this view, suggesting that the fall from 0.9928 may be reversing with a prospect of developing into a medium-term uptrend.

However, the long-term picture remains bearish as long as the 0.9407 support turned resistance (2022 low) holds. A firm break of this level would argue that the down trend from 1.2004 (2018 high) has completed with five waves down to 0.8979.