Daily Pivots: (S1) 173.10; (P) 173.50; (R1) 173.94; More…
EUR/JPY failed to break through 173.87 resistance decisively and retreated. Intraday bias is turned neutral first. Some consolidations could be seen first. On the upside, firm break of 173.87 will resume larger rise to retest 175.41 key resistance. On the downside, though, break of 172.47 support will extend the corrective pattern from 173.87 with another falling leg, before rally resumption.
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.
