Daily Pivots: (S1) 185.15; (P) 185.71; (R1) 186.54; More…
EUR/JPY’s rally accelerates higher today and intraday bias remains on the upside for 186.86 high. Firm break there will resume larger up trend. Next near term target is 161.8% projection of 180.78 to 184.75 from 182.56 at 188.98. On the downside, below 185.88 minor support will delay the bullish case and turn intraday bias neutral first.
In the bigger picture, consolidations from 186.86 might still extend. But as long as 55 W EMA (now at 176.56) 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.
