Daily Pivots: (S1) 176.81; (P) 177.44; (R1) 177.89; More…
Intraday bias in EUR/JPY remains neutral and more consolidations could be seen below 178.21. Downside should be contained well above 174.80 to bring another rally. On the upside, break of 178.21 will resume larger up trend to 61.8% projection of 161.06 to 173.87 from 172.24 at 180.15 next.
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.
