Daily Pivots: (S1) 176.18; (P) 176.66; (R1) 177.54; More…
Intraday bias in EUR/JPY remains on the upside for the moment. Sustained break of 38.2% projection of 161.06 to 173.87 from 172.24 at 177.13 should further solidify momentum to 61.8% projection at 180.15 next. On the downside, below 175.76 minor support will turn intraday bias neutral again and bring consolidations, before staging another rise.
In the bigger picture, up trend from 114.42 (2020 low) is resuming with break of 175.41 (2024 high). Next target is 61.8% projection of 124.37 to 175.41 from 154.77 at 186.31. Outlook will continue to stay bullish as long as 55 W EMA (now at 166.82) holds, even in case of deep pullback.
