Daily Pivots: (S1) 184.00; (P) 184.34; (R1) 184.81; More…
EUR/JPY’s accelerated decline and break of 183.17 minor support should confirm rejection by 184.75 resistance. Intraday bias is back on the downside for 181.85 support. Firm break there will argue that the correction from 186.86 is already in the third leg, and should target 180.78 and below. For now, risk will be on the downside as long as 184.64 holds, in case of recovery.
In the bigger picture, a medium term top could be in place at 186.86 and some more consolidations would be seen. Nevertheless, as long as 55 W EMA (now at 175.93) holds, 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.
