Daily Pivots: (S1) 183.89; (P) 184.22; (R1) 184.75; More…
Intraday bias in EUR/JPY remains neutral and some sideway trading could be seen below 184.75. On the upside, break of 184.75 will target 186.86 high. Firm break there will resume larger up trend to 61.8% projection of 172.24 to 186.86 from 180.78 at 189.81. Overall, 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.
