Daily Pivots: (S1) 182.87; (P) 183.42; (R1) 184.29; More…
EUR/JPY is still bounded in range below 184.89 despite extended recovery. Intraday bias stays neutral for the moment. On the downside, below 182.60 will extend the correction from 184.89 to 55 D EMA (now at 180.92) and below . But strong support should emerge from 180.07 cluster (38.2% retracement of 172.24 to 184.89 at 180.05) to bring rebound. On the upside, firm break of 184.89 will resume larger up trend to 186.31 fibonacci level.
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. Considering bearish divergence condition in D MACD, upside could be capped by 186.31 on first attempt. Still, outlook will stay bullish as long as 55 W EMA (now at 172.18) holds, even in case of deep pullback. Sustained break of 186.31 will pave the way to 100% projection at 205.81 next.
 and below . But strong support should emerge from 180.07 cluster (38.2% retracement of 172.24 to 184.89 at 180.05) to bring rebound. On the upside, firm break of 184.89 will resume larger up trend to 186.31 fibonacci level.){kind=link}