Daily Pivots: (S1) 179.47; (P) 179.74; (R1) 180.23; More…
Intraday bias in EUR/JPY is back on the upside with breach of 179.95. Current rally should target 100% projection of 161.06 to 173.87 from 171.09 at 183.90 next. However, considering bearish divergence condition in 4H MACD, firm break of 178.95 support should confirm short term topping, and turn bias to the downside for 175.67 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. Outlook will continue to stay bullish as long as 55 W EMA (now at 169.00) holds, even in case of deep pullback.
