Intraday bias in EUR/JPY and more consolidations could be seen above 179.34 temporary low. Risk will remain on the downside as long as 55 4H EMA (now at 183.74) holds. Below 179.34 will extend the decline from 187.93 to 38.2% retracement of 154.77 to 187.93 at 175.26.
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.
 holds. Below 179.34 will extend the decline from 187.93 to 38.2% retracement of 154.77 to 187.93 at 175.26.){kind=link}