Daily Pivots: (S1) 182.61; (P) 182.93; (R1) 183.23; More…
Intraday bias in EUR/JPY is turned neutral with current recovery. Price action from 184.89 is seen as a corrective pattern. Below 182.60 will target 55 D EMA (now at 180.82) and below . 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.
 and below . 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}