Daily Pivots: (S1) 177.37; (P) 177.60; (R1) 178.00; More…
EUR/JPY’s break of 177.91 resistance confirms resumption of larger up trend. Intraday bias stays on the upside for 61.8% projection of 161.06 to 173.87 from 172.24 at 180.15 next. On the downside, below 177.28 minor support will turn bias neutral for consolidations. But pullback should be contained above 174.80 support.
In the bigger picture, up trend from 114.42 (2020 low) is in progress and should target 61.8% projection of 124.37 to 175.41 from 154.77 at 186.31. Firm break of 172.24 support will suggests that it has turned into consolidations again. But still, outlook will continue to stay bullish as long as 55 W EMA (now at 167.87) holds, even in case of deep pullback.
