EUR/JPY continues to range trade with a neutral bias. A break below the 168.01 support level could indicate that the recent rise from 164.31 to 170.78 has ended. In this case, the intraday bias will shift to the downside with targets at 167.31 and 164.01. However, a break above 170.87 would signal a resumption of the rally towards the 171.58 high.
In the bigger picture, a medium-term top was formed at 171.58 after briefly surpassing the 169.96 level (2008 high). As long as the 55-week EMA holds at 159.51, the price action is seen as a correction of the uptrend from 153.15. The overall uptrend remains intact, but a sustained break below the 55-week EMA could indicate a larger correction with a target at 153.15 support.