Daily Pivots: (S1) 176.67; (P) 177.14; (R1) 177.64; More…
EUR/JPY’s rally resumed after brief consolidations and intraday bias is back on the upside. Current up trend should target 61.8% projection of 161.06 to 173.87 from 172.24 at 180.15 next. On the downside, below 176.60 will turn bias neutral again. But overall outlook will remain bullish as long as 174.80 support holds, in case of retreat.
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 167.87) holds, even in case of deep pullback.
