Daily Pivots: (S1) 158.29; (P) 158.68; (R1) 159.10; More….
Intraday bias in EUR/JPY remains neutral at this point. Price actions from 159.47 are seen as a corrective pattern, and another decline cannot be ruled out. Break of 156.85 will target 55 D EMA (now at 155.98) and possibly below. Nevertheless, firm break of 159.47 will resume larger up trend instead.
In the bigger picture, rise from 114.42 (2020 low) is in progress. Next target is 100% projection of 124.37 to 148.38 from 139.05 at 163.06. Sustained break there will pave the way to retest long term resistance at 169.96. This will remain the favored case as long as 151.39 support holds, even in case of deep pull back.
