Daily Pivots: (S1) 171.58; (P) 172.41; (R1) 172.98; More…
A temporary top is formed at 173.21 with current retreat and intraday bias in EUR/JPY is turned neutral first. Some consolidations would be seen but further rally is expected as long as 170.78 support holds. Above 173.21 will resume the rise from 154.77 to 138.2% projection of 154.77 to 164.16 from 161.06 at 174.03.
In the bigger picture, price actions from 175.41 (2024 high) are seen as correction to up trend from 114.42 (2020 low). The pattern might still extend with another falling leg. But in that case, strong support should be seen from 38.2% retracement of 114.42 to 175.41 at 152.11 to contain downside. Meanwhile, decisive break of 175.41 will confirm long term up trend resumption.
