Intraday bias in EUR/JPY remains on the upside at this point. Rise from 182.01 is in progress and should target 187.93 high. Strong resistance would be seen from there to bring reversal, to extend the corrective pattern from 187.93 with another falling leg. For now, risk will stay on the upside as long as 184.42 support holds, in case of retreat.
In the bigger picture, the pullback from 187.93 was steep, there is no sign of reversal yet. Uptrend from 114.42 (2020 low) 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 178.78) will argue that it’s already in a medium term down trend to 175.41 resistance turned support and below.
