Daily Pivots: (S1) 176.17; (P) 176.65; (R1) 177.61; More…
Intraday bias in EUR/JPY is turned neutral first with current recovery. But risk will stay on the downside as long as 178.80 short term top holds. Below 175.67 will target 55 D EMA (now at 174.76). Sustained break there will should confirm that EUR/JPY is correcting whole rise from 154.87, and target 169.69 cluster (38.2% retracement of 154.77 to 178.80 at 169.69.
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 should confirm that EUR/JPY is correcting whole rise from 154.87, and target 169.69 cluster (38.2% retracement of 154.77 to 178.80 at 169.69.){kind=link}