Daily Pivots: (S1) 181.48; (P) 184.53; (R1) 186.77; More…
Intraday bias in EUR/JPY remains on the downside, and fall from 187.93 could extend lower to 180.78 support. But strong support should emerge there to bring rebound, at least on first attempt. On the upside, above 184.57 will turn intraday bias neutral first. However, decisive break of 180.78 will argue that it’s already correcting whole five-wave impulse from 154.77. Next target will be 38.2% retracement of 154.77 to 187.93 at 175.26.
In the bigger picture, the pullback from 187.93 is steep, there is no sign of reversal yet. Uptrend from 114.42 is still expected to resume at a later stage to 78.6% projection of 124.37 (2022 low) to 175.41 (2025 high) from 154.77 at 194.88. However, sustained break of 55 W EMA (now at 177.50) will argue that it’s already in a medium term down trend to 175.41 resistance turned support and below.
