EUR/JPY’s rise from 182.10 resumed by breaking 186.30 last week. Initial bias remains mildly on the upside this week for retesting 187.93 high. Nevertheless, since this rebound is viewed as a corrective move, strong resistance should be seen from 187.93 to limit upside. On the downside, below 185.32 support will turn intraday bias neutral first.
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 180.17) will argue that it’s already in a medium term down trend to 175.41 resistance turned support and below.
In the long term picture, up trend from 94.11 (2021 low) is in progress. Next target is 138.2% projection of 94.11 to 149.76 (2014 high) from 114.42 (2020 low) at 191.32. This will remain the favored case as long 55 W EMA holds.
