Daily Pivots: (S1) 176.76; (P) 177.18; (R1) 177.87; More…
EUR/JPY’s rebound from 175.67 extended higher but upside is capped below 178.80 resistance. Intraday bias remains neutral first. On the downside, below 176.48 minor support will turn bias to the downside to resume the fall form 178.80. Considering bearish divergence condition in D MACD (now at 175.11), sustained break of 55 D EMA will argue that EUR/JPY is correcting whole rise from 154.87. Nevertheless, decisive break of 178.80 will resume the larger up trend instead.
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. However, firm break of 174.80 support will suggests that it has turned into consolidations first. But still, outlook will continue to stay bullish as long as 55 W EMA (now at 168.20) holds, even in case of deep pullback.
, sustained break of 55 D EMA will argue that EUR/JPY is correcting whole rise from 154.87. Nevertheless, decisive break of 178.80 will resume the larger up trend instead.){kind=link}