Daily Pivots: (S1) 182.27; (P) 183.39; (R1) 184.20; More…
Risk remains on the downside for EUR/JPY with 185.64 resistance intact. Correction from 186.86 is probably in the third leg already. Break of 181.85 support will target 180.78 and below. Nevertheless, break of 184.64 resistance will invalidate this view, and bring retest of 186.86 high instead.
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.
