Daily Pivots: (S1) 171.92; (P) 172.92; (R1) 173.53; More…
Intraday bias in EUR/JPY remains on the downside as fall from 175.03 is in progress. Sustained break of 55 D EMA (now at 172.24) will argue that whole five-wave rally from 154.77 has also completed. Further fall should then be seen to 169.69 support next. On the upside, above 173.37 will turn bias neutral first. But 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 will delay this bullish case, bring deeper pullback to 169.69 support first.
 will argue that whole five-wave rally from 154.77 has also completed. Further fall should then be seen to 169.69 support next. On the upside, above 173.37 will turn bias neutral first. But risk will stay on the downside as long as 175.03 resistance holds, in case of recovery.){kind=link}