Intraday bias in EUR/JPY is back on the upside with break of 186.30 resistance. Rebound from 182.10 is resuming and should target a retest on 187.93 high. Nevertheless, it’s still viewed as a corrective move, upside should be limited by 187.93. On the downside, below 185.32 support will turn intraday bias neutral again.
In the bigger picture, 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 180.15) will argue that it’s already in a medium term down trend to 175.41 resistance turned support and below.
