Daily Pivots: (S1) 187.18; (P) 187.43; (R1) 187.77; More…
EUR/JPY’s up trend resumed after brief consolidations and intraday bias is back on the upside. Further rise should be seen to 161.8% projection of 180.78 to 184.75 from 182.56 at 188.98 next. Nevertheless, break of 187.07 support should indicate short term topping, and turn bias back to the downside for deeper pullback to 55 4H EMA (now at 186.38).
In the bigger picture, up trend from 114.42 (2020 low) in in progress and should be ready to resume. Next target is 78.6% projection of 124.37 (2022 low) to 175.41 (2025 high) from 154.77 at 194.88 next. For now, medium term outlook will stay bullish as long as 175.41 resistance turned support holds, even in case of deeper pullback.
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