Daily Pivots: (S1) 173.79; (P) 174.14; (R1) 174.57; More…
EUR/JPY dips mildly today but stays above 173.07 minor support. Intraday bias remains neutral for the moment. More sideway trading could be seen first. On the upside, firm break of 174.50 will resume the larger up trend and target 138.2% projection of 164.01 to 170.87 from 167.52 at 177.00. On the downside, however, break of 173.07 will turn bias to the downside for deeper pullback.
In the bigger picture, long term up trend is still in progress. Next target is 100% projection of 139.05 to 164.29 from 153.15 at 178.38. For now outlook will stay bullish as long as 170.7 resistance turned support holds, even in case of deep pullback.
