Daily Pivots: (S1) 184.45; (P) 184.95; (R1) 185.47; More…
Intraday bias in EUR/JPY remains mildly on the upside at this point. Pullback from 187.93 could have completed at 182.01 already. Further rise would be seen back to retest this high. Nevertheless, break of 184.02 minor support will turn bias back to the downside towards 182.01 again.
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 178.04) will argue that it’s already in a medium term down trend to 175.41 resistance turned support and below.
