EUR/JPY’s decline continues today and intraday bias remains on the downside. Sustained trading below 180.78 support will will indicate that it’s already correcting the whole rise from 154.77 to 187.93. Deeper fall should then be seen to 38.2% retracement of 154.77 to 187.93 at 175.26. For now, risk will stay on the downside as long as 182.10 minor resistance holds, in case of recovery.
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 180.26) will argue that it’s already in a medium term down trend to 175.41 resistance turned support and below.
