EUR/JPY’s break of 183.95 suggests that rebound from 182.01 has completed as a corrective move at 186.03. Intraday bias is back on the downside for 182.01 first. Firm break there will resume the fall from 187.93 and target 100% projection of 187.93 to 182.01 from 186.30 at 180.38. On the upside, above 184.27 minor resistance will turn intraday bias neutral first.
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 179.41) will argue that it’s already in a medium term down trend to 175.41 resistance turned support and below.
