Daily Pivots: (S1) 171.94; (P) 172.24; (R1) 172.68; More…
Intraday bias in EUR/JPY is back on the upside with break of 172.99. Further rise should be seen to retest 173.87 high. Decisive break there will resume larger rally from 154.77, and target a retest on 175.41 key resistance. On the downside, however, break of 171.09 will turn bias to the downside for 169.69 support, and possibly below.
In the bigger picture, current rally from 154.77 is still tentatively seen as resuming the larger up trend. Firm break of 175.41 (2024 high) will confirm and target 61.8% projection of 124.37 to 175.41 from 154.77 at 186.31. However, sustained break of 38.2% retracement of 161.06 to 173.87 at 168.97 will delay this bullish case, and probably extend the correction from 175.41 with another fall.
