Daily Pivots: (S1) 184.54; (P) 185.02; (R1) 185.49; More…
Intraday bias in EUR/JPY remains neutral at this point. On the downside, below 183.33 will bring retest of 181.76. Sustained trading below 55 D EMA (now at 182.56) should solidify the case that fall from 186.86 medium term top is correcting whole rise from 154.77. Deeper decline should then be seen to 38.2% retracement of 154.77 to 186.86 at 174.60. Nevertheless, firm break of 186.86 will resume larger up trend.
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.
 should solidify the case that fall from 186.86 medium term top is correcting whole rise from 154.77. Deeper decline should then be seen to 38.2% retracement of 154.77 to 186.86 at 174.60. Nevertheless, firm break of 186.86 will resume larger up trend.){kind=link}