Daily Pivots: (S1) 183.66; (P) 184.22; (R1) 185.24; More…
EUR/JPY’s rally from 180.78 is still in progress and intraday bias remains on the upside for 186.22/86 resistance zone. Decisive break there will confirm larger up trend resumption. Next target is 61.8% projection of 172.24 to 186.86 from 180.78 at 189.81. On the downside, below 183.16 minor support will turn intraday bias neutral first. But outlook will remain bullish as long as 38.2% retracement of 172.24 to 186.86 at 181.27, in case of deep retreat.
In the bigger picture, current development suggests that price actions from 186.86 are merely a near term corrective pattern. In other words, the long term up trend is still in progress. Firm break of 186.86 will pave the way to 78.6% projection of 124.37 (2022 low) to 175.41 (2025 high) from 154.77 at 194.88 next. This will now remain the favored case as long as 180.78 support holds.
