Daily Pivots: (S1) 183.58; (P) 183.92; (R1) 184.33; More…
Intraday bias in EUR/JPY remains neutral for the moment. Risk will stay on the downside as long as 185.02 resistance holds. Break of 182.01 will resume the fall from 187.93 to 180.78 support next. However, firm break of 185.02 will turn bias back to the upside for stronger rebound.
In the bigger picture, the pullback from 187.93 is steep, there is no sign of reversal yet. Uptrend from 114.42 is still expected to resume at a later stage to 78.6% projection of 124.37 (2022 low) to 175.41 (2025 high) from 154.77 at 194.88. However, sustained break of 55 W EMA (now at 177.76) will argue that it’s already in a medium term down trend to 175.41 resistance turned support and below.
