Daily Pivots: (S1) 182.66; (P) 183.03; (R1) 183.68; More…
Intraday bias in EUR/JPY remains neutral at this point. On the downside, firm break of 180.78 support will indicate that fall from 186.86 is already correcting whole up rise from 154.77. Deeper fall should then be seen to 38.2% retracement of 154.77 to 186.86 at 174.60. For now, near term outlook is neutral at best as long as 186.86 holds, or until there is sign of upward acceleration.
In the bigger picture, a medium term top should be in place at 186.86 and some more consolidations could be seen. Nevertheless, the larger up trend from 114.42 (2020 low) remains intact. 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.
