EUR/JPY Intraday Outlook 12-April-23

EUR/JPY Daily Outlook and Analysis

Intraday momentum in EUR/JPY has shifted to the upside with the breach of 145.68 resistance. The increase from 137.39 is continuing, and a further rally is expected to retest the 148.40 high. On the other hand, breaking the 145.01 minor support will complicate the outlook and neutralize the intraday momentum.

Looking at the broader picture, as long as the 55-week EMA (currently at 139.80) remains intact, the more extensive upward trend from 114.44 (2020 low) is still ongoing, targeting the 149.78 long-term resistance. Nevertheless, a sustained break of the 55-week EMA could trigger a deeper decline towards the 38.2% retracement of the 114.44 to 148.40 range at 135.42. A decisive break at this level would increase the possibility of a trend reversal and aim for the 61.8% retracement at 127.41.