EUR/JPY faces potential broader correction amid technical pullback

The EUR/JPY currency pair is showing signs of a potential larger-degree correction following its recent highs. Technical analysis suggests the current pullback is forming a double three structure, consistent with a broader corrective trend that began after the February 2025 low.

Key technical levels indicate that while a wave (iv) rally is currently in progress, it is expected to remain corrective. The pivot level of 186.04 remains critical; if this level holds, the current rally is expected to fail, allowing the pair to resume a lower trajectory to complete wave (Y) within the larger corrective sequence.