Daily Pivots: (S1) 158.95; (P) 159.69; (R1) 160.32; More….
Intraday bias in EUR/JPY is turned neutral with current retreat. Some consolidations could be seen below 160.84 but outlook will stay bullish as long as 157.67 support holds. Break of 160.84 will resume larger rally to 163.06 projection level next.
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. On the downside, break of 154.32 support is needed to be the first sign of medium term topping. Otherwise, outlook will remain bullish even in case of deep pullback.
