EUR/JPY is still extending consolidations below 186.00 and intraday bias stays neutral. Further rally is expected as long as 183.90 support holds. A break above 186.00 will extend the rise from 179.34 to retest 187.42, and then 187.93.
Bigger Picture
The strong rebound from the rising 55-week EMA (now at 180.81) keeps the uptrend from 114.42 (2020 low) intact. A break of 187.93 will target the 78.6% projection of 124.37 (2022 low) to 175.41 (2025 high) from 154.77, at 194.88. However, a sustained break below the 55-week EMA would argue that EUR/JPY is already in a medium-term downtrend, with 175.41 as the next key support level to watch.
