Daily Pivots: (S1) 184.71; (P) 185.13; (R1) 185.43; More…
Intraday bias in EUR/JPY is back on the upside as breach of 185.55 suggests resumption of the long term up trend. Next target is 186.31 projection level. Firm break there will target 138.2% projection of 151.06 to 173.87 from 172.24 at 189.94. On the downside, below 184.77 will delay the bullish case and turn intraday bias neutral again. But further rally is expected as long as 182.75 support holds, in case of retreat.
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.
