Daily Pivots: (S1) 183.41; (P) 184.05; (R1) 184.58; More…
Intraday bias in EUR/JPY remains neutral first. On the upside, break of 184.75 will target 186.86 high. Firm break there will resume larger up trend. However, firm break of 180.87 support will argue that fall from 186.86 is at least correcting whole rise from 154.77, and turn near term outlook bearish.
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.
