Intraday bias in EUR/JPY remains mildly on the upside at this point. Rebound from 182.10 is in progress to retest 187.93 high. Nevertheless, since this rebound is viewed as a corrective move, strong resistance should be seen from 187.93 to limit upside. On the downside, below 185.32 support will turn intraday bias neutral first.
In the bigger picture, 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 180.40) will argue that it’s already in a medium term down trend to 175.41 resistance turned support and below.
