Daily Pivots: (S1) 174.91; (P) 175.44; (R1) 176.06; More…
Intraday bias in EUR/JPY remains neutral for the moment. On the upside, break of 176.44 resistance will suggest that pullback from 177.91 has completed, and bring retest of this high. Further break of 177.91 will resume larger up trend to 61.8% projection of 161.06 to 173.87 from 172.24 at 180.15 next. However, break of 174.80 and sustained trading below 175.03 resistance turned support will indicate that it’s already in a larger scale correction, and target 172.24 support.
In the bigger picture, up trend from 114.42 (2020 low) is in progress and should target 61.8% projection of 124.37 to 175.41 from 154.77 at 186.31. Firm break of 172.24 support will suggests that it has turned into consolidations again. But still, outlook will continue to stay bullish as long as 55 W EMA (now at 167.43) holds, even in case of deep pullback.
