Daily Pivots: (S1) 171.98; (P) 172.76; (R1) 173.40; More…
Break of 172.47 support suggests rejection by 173.87 resistance. Intraday bias is back on the downside in EUR/JPY. Corrective pattern from 173.87 is possibly extending with the third leg. Deeper fall would be seen to 171.09 support next. Break there will target 169.69.
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.
