Daily Pivots: (S1) 183.02; (P) 184.95; (R1) 186.10; More…
EUR/JPY’s break of 182.75 support suggests medium term topping at 186.86 on bearish divergence condition in D MACD. Intraday bias is back on the downside. Sustained trading below 55 D EMA (now at 181.99) will solidify the case that it’s already correcting whole rise from 154.77. Deeper fall should then be seen to 38.2% retracement of 154.77 to 186.86 at 174.60. For now, risk will stay on the downside as long as 186.86 holds, in case of recovery.
In the bigger picture, up trend from 114.42 (2020 low) is in progress and and met 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 173.32) holds, even in case of deep pullback. Sustained break of 186.31 will pave the way to 78.6% projection at 194.88 next.
 will solidify the case that it's already correcting whole rise from 154.77. Deeper fall should then be seen to 38.2% retracement of 154.77 to 186.86 at 174.60. For now, risk will stay on the downside as long as 186.86 holds, in case of recovery.){kind=link}