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It has been a while since we last looked at EUR/JPY, but then we have seen a triangle developing since late December 2022. This triangle is, however, nearing its completion. So, we should see a breakdown anytime now towards our long-term target near 134. This price action should complete the correction from 148.30 and set the stage for a new push higher towards this top and ultimately above here too, but for now, we will focus on the expected breakdown and a decline towards 134.
Short-term a break below 140.53 will indicate that the triangle has been completed and the expected decline to 134 is in progress.
*The market analysis posted here is meant to increase your awareness, but not to give instructions to make a trade.
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