FX.co ★ jerome82 | EUR/JPY

After yesterday's decline in the EURJPY pair, buyers attempted to regain control but haven't made much progress yet, only managing to rise to 172.60 before being pushed back. The scenario of growth in yen pairs, including EURJPY, remains relevant, but confirmation would require a sustained move above 172.60-172.80. Once these levels are surpassed, the upward movement could continue towards 173.25 initially, and then towards 173.85. The main bullish targets still lie above 185.00, but reaching them seems challenging. The uptrend in EURJPY will be temporarily invalidated if it consolidates below 172.00. In this case, sellers might have an opportunity to push towards 171.20. However, even in this scenario, there won't be sufficient grounds for a full-fledged southward reversal, and a decline to 172.00 and 171.20 could be used to open buy orders at more favorable prices.