Daily Pivots: (S1) 170.13; (P) 170.85; (R1) 171.24; More…
Intraday bias in EUR/JPY stays on the downside at this point. Fall from 173.87, as a correction to rally form 161.06, is in progress for 38.2% retracement of 161.06 to 173.87 at 168.97. Strong support should emerge from 55 D EMA (now at 168.68) to contain downside and bring rebound. On the upside, above 171.52 minor resistance will turn intraday bias neutral first.
In the bigger picture, considering current strong momentum as seen in the rally from 154.77, corrective pattern from 175.41 could have already completed. Decisive break there will confirm long term up trend resumption. Next target is 61.8% projection of 124.37 to 175.41 from 154.77 at 186.31. However, rejection by 175.41, followed by firm break of 55 D EMA (now at 168.69) will delay this bullish case.
 to contain downside and bring rebound. On the upside, above 171.52 minor resistance will turn intraday bias neutral first.){kind=link}