Daily Pivots: (S1) 182.06; (P) 182.61; (R1) 182.94; More…
EUR/JPY’s up trend resumed with today’s strong rally and met 100% projection of 161.06 to 173.87 from 171.09 at 183.90. Strong resistance could be seen from this level to limit upside, and below 182.23 minor support will turn bias to the downside for 180.07. However, decisive break of 183.90 will pave the way to long term projection at 186.31 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. However, considering bearish divergence condition in D MACD, upside should be capped by 186.31 on first attempt. Outlook will continue to stay bullish as long as 55 W EMA (now at 170.73) holds, even in case of deep pullback.
