EUR/JPY Daily Outlook

EUR/JPY continues to consolidate below the 186.00 level, keeping the intraday bias neutral for the short term. However, the broader outlook remains constructive as long as the 183.90 support level holds. A breakout above 186.00 is expected to extend the ongoing ascent from 179.34 toward testing resistance levels at 187.42 and eventually 187.93. From a larger perspective, the cross is supported by a strong rebound from the rising 55-week exponential moving average (EMA), currently positioned at 180.81. This keeps the long-term uptrend from the 2020 low of 114.42 intact. A decisive break above the 187.93 resistance level would open the door for a target at 194.88, which represents the 78.6% Fibonacci projection of the rally from 124.37 to 175.41 projected from 154.77. Conversely, a sustained break below the 55-week EMA would invalidate the current bullish structure, signaling a medium-term downtrend toward the 175.41 support zone and potentially lower.