Daily Pivots: (S1) 175.77; (P) 176.75; (R1) 177.41; More…
EUR/JPY’s fall extended through 176.60 support. Considering bearish divergence condition in D MACD fall from 1780.80 short term top could be correcting whole rise from 154.77. Intraday bias is now on the downside for 55 D EMA (now at 174.76). Sustained break there will solidify this case and target 169.69 cluster (38.2% retracement of 154.77 to 178.80 at 169.69. Risk will stay on the downside as long as 178.80 resistance holds, in case of recovery.
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 174.80 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.
. Sustained break there will solidify this case and target 169.69 cluster (38.2% retracement of 154.77 to 178.80 at 169.69. Risk will stay on the downside as long as 178.80 resistance holds, in case of recovery.){kind=link}