Daily Pivots: (S1) 173.76; (P) 174.11; (R1) 174.80; More…
Intraday bias in EUR/JPY is turned neutral with current retreat, and some consolidations would be seen below 174.48. Further rise is expected as long as 172.11 support holds. Above 174.48 will resume larger rise from 154.77 to retest 175.41 high. However, firm break of 172.11 support will confirm short term topping, and turn bias back to the downside for deeper pullback.
In the bigger picture, current rally from 154.77 is still tentatively seen as resuming the larger up trend. Firm break of 175.41 (2024 high) will confirm and target 61.8% projection of 124.37 to 175.41 from 154.77 at 186.31. However, sustained break of 169.69 support will delay this bullish case, and probably extend the correction from 175.41 with another fall.
