Daily Pivots: (S1) 183.75; (P) 184.29; (R1) 184.76; More…
Intraday in EUR/JPY is turned neutral first with current retreat. Outlook is unchanged that correction from 186.86 should have completed with three waves down to 180.78. Above 184.75 will bring retest of 186.22/86 resistance zone. Decisive break there will confirm larger up trend resumption. Next target is 61.8% projection of 172.24 to 186.86 from 180.78 at 189.81. Overall, outlook will remain bullish as long as 38.2% retracement of 172.24 to 186.86 at 181.27, in case of deep retreat.
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.
