Daily Pivots: (S1) 156.73; (P) 157.66; (R1) 159.25; More…
EUR/JPY’s break of 158.55 resistance suggests that rebound from 153.15 is resuming. Intraday bias is back on the upside. Further rally should be seen to 100% projection of 153.15 to 158.55 from 155.06 at 160.46. For now, risk will stay mildly on the upside as long as 155.06 support holds, in case of retreat.
In the bigger picture, price actions from 164.29 medium term top are tentatively seen as a correction to rise from 139.05 for now. As long as 148.48 resistance turned support holds (2022 high), larger up trend from 114.42 (2020 low) could still resume through 164.29 at a later stage.
