EUR/JPY’s break of 55 4H EMA (now at 183.14) suggests that fall from 187.42 has completed at 179.34. Intraday bias is back on the upside. Further rally should be seen to 61.8% retracement of 187.93 to 179.34 at 184.64. Decisive break there will pave the way to retest 187.93 high. On the downside, however, break of 181.29 will bring deeper fall back to retest 179.34 low.
In the bigger picture, focus is now on 55 W EMA (now at 180.42). Strong rebound from there will indicate that the up trend from 114.42 (2020 low) remains intact. That would set up another rally through 187.93 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 will argue that it’s already in a medium term down trend to 175.41 resistance turned support and below.
 suggests that fall from 187.42 has completed at 179.34. Intraday bias is back on the upside. Further rally should be seen to 61.8% retracement of 187.93 to 179.34 at 184.64. Decisive break there will pave the way to retest 187.93 high. On the downside, however, break of 181.29 will bring deeper fall back to retest 179.34 low.){kind=link}