Daily Pivots: (S1) 157.81; (P) 158.38; (R1) 159.07; More….
EUR/JPY’s rise from 154.32 resumed by breaking 158.60 and intraday bias is back on the upside. Further rally should be seen to retest 159.75 next. Decisive break there will resume larger up trend. On he downside, break of 157.03 support is needed to signal completion of the rebound. Otherwise, further rally will remain in favor in case of retreat.
In the bigger picture, price actions from 159.75 are views as a corrective pattern. As long as 151.39 support holds, rise from 114.42 (2020 low) is expected to continue through 159.75 at a later stage. Nevertheless, firm break of 151.39 will confirm medium term topping, and bring lengthier and deeper correction.
