Intraday bias in EUR/JPY is turned neutral first with current retreat, and some consolidations could be seen first. Further rally is expected as long as 183.90 support holds. Above 186.00 will extend the rise from 179.34 to retest 187.42, and then 187.93.
In the bigger picture, strong rebound from rising 55 W EMA (now at 180.81) 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.
