EUR/JPY’s rally resumed after brief consolidations and intraday bias is back on the upside. Strong resistance is still expected from 187.93 high to bring near term reversal. On the downside, below 186.15 support will turn bias neutral first. However, decisive break of 187.93 will confirm larger up trend resumption.
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.
