Daily Pivots: (S1) 182.60; (P) 182.88; (R1) 183.23; More…
Intraday bias in EUR/JPY is turned neutral with current steep retreat and some consolidations would be seen below 187.14. Further rally remains in favor. But considering bearish divergence condition in both 4H and D MACD, upside should be limited 100% projection of 161.06 to 173.87 from 171.09 at 183.90, at least on first attempt. Meanwhile, firm break of 180.07 will confirm short term topping, and bring deeper correction to 55 D EMA (now at 178.59).
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, considering bearish divergence condition in D MACD, upside should be capped by 186.31 on first attempt. Outlook will continue to stay bullish as long as 55 W EMA (now at 170.73) holds, even in case of deep pullback.
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