EUR/JPY’s rebound continues today. While further rise could be seen, overall near term risk will stay on the downside as long as 55 4H EMA (now at 183.48) holds. Below 181.15 minor support will bring retest of 179.34 low first. Nevertheless, sustained trading above 55 4H EMA will bring further rally to 61.8% retracement of 187.42 to 179.34 at 183.33.
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 181.15 minor support will bring retest of 179.34 low first. Nevertheless, sustained trading above 55 4H EMA will bring further rally to 61.8% retracement of 187.42 to 179.34 at 183.33.){kind=link}