Daily Pivots: (S1) 182.92; (P) 183.28; (R1) 183.74; More…
Intraday bias in EUR/JPY is turned neutral again with current recovery. On the downside, firm break of 181.85 support should confirm that the correction from 186.86 is already in the third leg. Deeper fall should be seen to 180.78 and below. For now, risk will stay on the downside as long as 184.86 resistance holds.
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 175.93) 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.
