EUR/JPY is still bounded in sideway trading in range of 183.14/186.30 and intraday bias remains neutral for the moment. While the price actions from 182.10 are looking corrective, stronger rebound cannot be ruled out. On the upside, firm break of 186.30 will resume the rebound from 182.10 towards 187.93 high. On the downside, break of 183.14 will bring deeper fall to retest 182.10.
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 179.93) will argue that it’s already in a medium term down trend to 175.41 resistance turned support and below.
