Daily Pivots: (S1) 184.33; (P) 184.62; (R1) 185.01; More…
Intraday bias in EUR/JPY is turned neutral with current retreat and some consolidations would be seen. Downside should be contained above 181.98 resistance turned support to bring another rally. On the upside, break of 184.89 temporary top will resume larger up trend to 186.31 long term projection level next.
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. Considering bearish divergence condition in D MACD, upside could be capped by 186.31 on first attempt. Still, outlook will stay bullish as long as 55 W EMA (now at 170.83) holds, even in case of deep pullback. Sustained break of 186.31 will pave the way to 100% projection at 205.81 next.
