EUR/JPY’s rise from 179.34 is still in progress and intraday bias remains on the upside. Fall from 187.93 could have completed as a three wave correction. Decisive break of 61.8% retracement of 187.93 to 179.34 at 184.64 will pave the way to retest 187.93 high. On the downside, below 183.57 minor support will turn bias neutral again.
In the bigger picture, strong rebound from rising 55 W EMA (now at 180.45) keeps the up trend from 114.42 (2020 low) intact. Break of 187.93 will target 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.
