Daily Pivots: (S1) 184.33; (P) 184.90; (R1) 186.02; More…
EUR/JPY retreated ahead of 185.55 resistance as range trading continues. Intraday bias remains neutral for the moment. With 182.60 support intact, further rally is expected. On the upside, break of 185.55 will resume larger up trend to 186.31 projection level. Firm break there will target 138.2% projection of 151.06 to 173.87 from 172.24 at 189.94. However, sustained break of 182.60 will confirm short term topping, and turn bias back to the downside for 55 D EMA (now at 181.83) and below.
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 172.58) holds, even in case of deep pullback. Sustained break of 186.31 will pave the way to 78.6% projection at 194.88 next.
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