EUR/JPY weekly trade analysis: 20–24 July 2026EUR/JPYOANDA:EURJPYNovaque_ResearchEUR/JPY retains a bullish higher-timeframe trend, but the immediate structure points towards consolidation or a corrective decline before another sustained advance. Price remains above the four-hour 55 and 200 EMAs, while four-hour and hourly OBV remain above their respective 200-period averages. This confirms that the broader accumulation structure has not broken. However, price has fallen below the short-term EMA cluster on the hourly and 15-minute charts. The 15-minute OBV is also below its 200-period EMA, showing that intraday participation is no longer supporting the recent advance. The preferred setup is a conditional short following rejection from 185.65–185.75. This is a tactical retracement trade inside a broader bullish trend. The bearish case loses validity following sustained hourly acceptance above 185.80–185.90. EUR/JPY sits between two competing macro forces. The euro could receive support from an ECB hold accompanied by concern about energy-driven inflation. Higher European front-end yields would preserve the euro’s rate advantage over the yen. However, Europe’s exposure to elevated oil prices creates a growth and terms-of-trade headwind. The yen remains vulnerable to Japan’s low-yield environment, but the global backdrop increases the probability of safe-haven demand. Renewed equity weakness, weaker global PMIs or an escalation in geopolitical risk would support the yen and pressure EUR/JPY. EUR/JPY is also exposed to intervention spillover. Japanese intervention would most likely target USD/JPY directly, but broad yen buying could transmit quickly into this cross. The macro balance therefore supports a near-term EUR/JPY correction, while the larger interest-rate differential continues to limit the conviction of aggressive short positions. Expectation Entry zone: 185.66–185.73 Stop-loss: 185.94 Take-profit 1: 185.44 Take-profit 2: 185.20 Take-profit 3: 184.92 Precaution rebound Entry level: 185.581 Stop-loss: 185.199 Take-profit 1: 185.728