Intraday bias in EUR/JPY is back on the downside with break of 177.83 support. Fall from 187.93 is resuming and should target 175.26/41 support. Strong support is expected from to complete the correction. However, break of 181.53 resistance is needed to indicate short term bottoming. Otherwise, risk will stay on the downside in case of recovery.
In the bigger picture, price action from 187.93 is seen as a corrective pattern to up trend from 154.77 (2025 low). Deeper fall cannot be ruled out, towards 175.41 cluster support (2025 high) and 38.2% retracement of 154.77 to 187.93 at 175.26 but strong support is expected there. However, decisive break will raise the chance of larger bearish reversal and target 61.8% retracement at 167.43.
