Daily Pivots: (S1) 169.66; (P) 170.28; (R1) 170.83; More….
Intraday bias in EUR/JPY is turned neutral again with current retreat. Above 170.87 will resume the rally from 164.01 to retest 171.58 high. ON the downside, break break of 169.05 support should confirm short term topping, and turn bias back to the downside for 167.31 support instead.
In the bigger picture, a medium top was formed at 171.58 after brief breach of 169.96 (2008 high). But as long as 55 W EMA (now at 166.81) holds, price actions from there is seen as correcting the rise from 153.15 only. That is, larger up trend remains in favor to continue. However, sustained break of 55 W EMA will argue that larger scale correction is underway and target 153.15 support.
