Daily Pivots: (S1) 182.87; (P) 183.26; (R1) 183.53; More…
EUR/JPY edges lower today and the sustained trading below 55 4H EMA (now at 183.45) argues that fall from 184.89 short term top is already correcting the rally from 172.24. Intraday bias is mildly on the downside for 55 D EMA (now at 180.74). But strong support should emerge from 180.07 cluster (38.2% retracement of 172.24 to 184.89 at 180.05) to bring rebound. ON the upside, firm break of 184.89 will resume larger up trend to 186.31 fibonacci level.
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 172.16) holds, even in case of deep pullback. Sustained break of 186.31 will pave the way to 100% projection at 205.81 next.
 argues that fall from 184.89 short term top is already correcting the rally from 172.24. Intraday bias is mildly on the downside for 55 D EMA (now at 180.74). But strong support should emerge from 180.07 cluster (38.2% retracement of 172.24 to 184.89 at 180.05) to bring rebound. ON the upside, firm break of 184.89 will resume larger up trend to 186.31 fibonacci level.){kind=link}