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EUR/JPY stays neutral as traders weigh support and resistance levels
A sustained break of 186.00 resistance keeps bearish risk in place, while a firm move above the 38.2% retracement level could extend a rebound toward 184.06.
Action Forex said the intraday outlook for EUR/JPY remains neutral as price consolidates below 181.53.
The outlet added that upside risk persists while 177.82 holds, and that a firm break of the 38.2% retracement area between 187.93 and 181.68 would extend the rebound from the 177.82 short term low.
Action Forex pointed to 184.06 as the next target tied to the 61.8% retracement of the 187.93 to 181.68 range.
It also noted that deeper declines are still possible toward a 175.41 support cluster, and that the broader downside risk will remain as long as 186.00 resistance holds in case of a rebound.