Daily Pivots: (S1) 183.80; (P) 184.04; (R1) 184.45; More…
EUR/JPY’s rebound is in progress and intraday bias stays on the upside. Firm break of 184.75 resistance will resume the whole rise from 180.78 and target a retest on 186.86 high. On the downside, below 183.17 minor support will turn intraday bias neutral first. Further break of 182.02 will bring deeper fall back to 180.78 support.
In the bigger picture, a medium term top could be in place at 186.86 and some more consolidations would be seen. Nevertheless, as long as 55 W EMA (now at 175.61) holds, the larger up trend from 114.42 (2020 low) remains intact. Firm break of 186.86 will pave the way to 78.6% projection of 124.37 (2022 low) to 175.41 (2025 high) from 154.77 at 194.88 next.
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