Daily Pivots: (S1) 172.19; (P) 172.56; (R1) 172.83; More…
EUR/JPY’s fall from 173.88 is currently seen as the third leg of the corrective pattern from 173.87. Intraday bias is mildly on the downside for 171.09 support. Break there will target 169.69. Nevertheless, decisive break of 173.87/8 will resume larger rise from 154.77 to retest 175.41 high.
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.
