Daily Pivots: (S1) 182.27; (P) 182.68; (R1) 183.14; More…
Intraday bias in EUR/JPY stays mildly on the upside this point. Fall from 186.86 might have completed after hitting 38.2% retracement of 172.24 to 186.86 at 181.27. Stronger rebound would be seen back to retest 186.22/86 resistance zone. However, sustained break of 181.27 will argue that fall from 186.86 is correcting whole up trend from 154.77, and bring deeper decline.
In the bigger picture, considering bearish divergence condition in D MACD and break of 55 D EMA, a medium term top could be formed at 186.86 already. Deeper correction would be seen but downside should be contained by 38.2% retracement of 154.77 to 186.86 at 174.60 to bring rebound. Meanwhile, firm break of 186.86 will resume larger up trend to 78.6% projection of 124.37 to 175.41 from 154.77 at 194.88 next.
