Daily Pivots: (S1) 171.92; (P) 172.92; (R1) 173.53; More…
EUR/JPY recovered after drawing support fro 55 D EMA (now at 172.25) and intraday bias is turned neutral first. Risk will stay on the downside as long as 175.03 resistance holds. On the downside, sustained trading below 55 D EMA will argue that whole five-wave rally from 154.77 has completed. Further fall should then be seen to 169.69 support next.
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.
 and intraday bias is turned neutral first. Risk will stay on the downside as long as 175.03 resistance holds. On the downside, sustained trading below 55 D EMA will argue that whole five-wave rally from 154.77 has completed. Further fall should then be seen to 169.69 support next.){kind=link}