Daily Pivots: (S1) 177.03; (P) 177.44; (R1) 177.99; More…
EUR/JPY’s up trend is in progress and intraday bias stays on the upside. Further rise should be seen to 61.8% projection of 161.06 to 173.87 from 172.24 at 180.15 next. On the downside, below 177.15 minor support will turn intraday bias neutral and bring consolidations. But retreat should be contained above 175.03 resistance turned support to bring another rally.
In the bigger picture, up trend from 114.42 (2020 low) is resuming with break of 175.41 (2024 high). Next target is 61.8% projection of 124.37 to 175.41 from 154.77 at 186.31. Outlook will continue to stay bullish as long as 55 W EMA (now at 166.82) holds, even in case of deep pullback.
