Daily Pivots: (S1) 184.63; (P) 185.10; (R1) 185.38; More…
EUR/JPY’s rally continues today and intraday bias stays on the upside. Rise from 180.78 should target a retest on 186.86 high. Firm break there will confirm larger up trend resumption. On the downside, below 184.77 minor support will turn intraday bias neutral first. But rise will stay on the upside as long as 182.56 support holds, in case of retreat.
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 176.21) 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.
















