Daily Pivots: (S1) 183.96; (P) 184.22; (R1) 184.49; More…
EUR/JPY retreated ahead of 184.75 resistance and intraday bias is turned neutral first. On the upside, firm break of 184.75 resistance will resume the whole rise from 180.78 and target a retest on 186.86 high. On the downside, break of 182.02 will bring deeper fall back to 180.78 support.
In the bigger picture, a medium term top could be in place at 186.86 and some more consolidations would be seen. Nevertheless, as long as 55 W EMA (now at 175.61) holds, the larger up trend from 114.42 (2020 low) remains intact. 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.
