Daily Pivots: (S1) 184.48; (P) 184.83; (R1) 185.44; More…
EUR/JPY’s rise from 180.78 resumed by breaking through 184.75 resistance and intraday bias is back on the upside. Further rally should be seen to retest 186.86 high. On the downside, below 184.21 minor support will turn intraday bias neutral first. Further break of 182.56 will extend the corrective pattern from 186.86 with another falling leg.
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 176.21) 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.
