EUR/JPY’s rally continues today and intraday bias stays on the upside for 187.42 resistance first. Firm break there will bring retest of 187.93 high. On the downside, below 184.89 minor support will turn intraday bias neutral and bring consolidations first, before staging another rally.
In the bigger picture, strong rebound from rising 55 W EMA (now at 180.23) 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.
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