Daily Pivots: (S1) 181.91; (P) 182.36; (R1) 182.73; More…
EUR/JPY’s rebound from 180.78 accelerates higher today and intraday bias remains on the upside. Current development solidifies the case that fall from 187.86 has completed as a correction, after hitting 38.2% retracement of 172.24 to 186.86 at 181.27. Further rally should be seen to retest 186.22/86 resistance zone. On the downside, below 181.96 minor support will turn intraday bias neutral again.
In the bigger picture, current development suggests that price actions from 186.86 are merely a near term corrective pattern. In other words, the long term up trend is still in progress. Firm break of 186.86 will pave the way to 78.6% projection of 124.37 (2022 low) to 175.41 (2025 high) from 154.77 at 194.88 next. This will now remain the favored case as long as 180.78 support holds.
