EUR/JPY’s break of 184.42 support suggests that rebound from 182.01 has completed with three waves up to 186.18. Fall from there is seen as the third leg of the pattern from 187.93. Intraday bias is back on the downside for 182.01 support next. For now, risk will stay on the downside as long as 186.18 holds, in case of recovery.
In the bigger picture, 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 178.95) will argue that it’s already in a medium term down trend to 175.41 resistance turned support and below.
