Daily Pivots: (S1) 173.77; (P) 174.48; (R1) 174.97; More…
EUR/JPY’s break of 173.88 resistance turned support indicates short term topping at 175.03, after rejection by 175.41 high. Intraday bias is back on the downside for 55 D EMA (now at 172.20). Sustained break there will argue that whole five-wave rally from 154.77 has also completed. For now, risk will stay on the downside as long as 175.03 resistance holds, in case of recovery.
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 (2022 low) to 175.41 from 154.77 (2025 low) at 186.31. However, sustained break of 55 D EMA (now at 172.20) will delay this bullish case, bring deeper pullback to 169.69 support first.
. Sustained break there will argue that whole five-wave rally from 154.77 has also completed. For now, risk will stay on the downside as long as 175.03 resistance holds, in case of recovery.){kind=link}