Range trading continues in EUR/JPY and intraday bias stays neutral. Further rise is in favor with 184.03 support intact. Rise from 182.01 is seen as the second leg of the corrective pattern from 187.93. Above 185.44 will target a retest on 187.93 high. However, firm break of 184.02 support will bring deeper decline back to 182.01 instead.
In the bigger picture, the pullback from 187.93 is steep, there is no sign of reversal yet. Uptrend from 114.42 (2020 low) 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 178.51) will argue that it’s already in a medium term down trend to 175.41 resistance turned support and below.
