Daily Pivots: (S1) 184.02; (P) 184.79; (R1) 185.30; More…
Intraday bias in EUR/JPY remains neutral and more consolidations could be seen below 185.55 temporary top. Further rally is expected with 182.60 support intact. Above 185.55 will resume larger up trend to is 186.31 fibonacci level. Firm break there will pave the way to 138.2% projection of 151.06 to 173.87 from 172.24 at 189.94. However, considering bearish divergence condition in 4H MACD, firm break of 182.60 will confirm short term topping, and turn bias back to the downside for deeper pullback.
In the bigger picture, up trend from 114.42 (2020 low) is in progress and should target 61.8% projection of 124.37 (2021 low) to 175.41 (2024 high) from 154.77 (2025 low) at 186.31. Firm break there will target 78.6% projection at 194.88. Outlook will remain bullish as long as 175.41 resistance turned support holds, even in case of deep pullback.
