EUR/JPY’s rally from 182.01 is still in progress today and intraday bias stays on the upside for 61.8% projection of 182.01 to 185.44 from 184.42 at 186.53. Firm break there will pave the way to 100% projection at 187.85. 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.
