Daily Pivots: (S1) 167.46; (P) 169.09; (R1) 170.15; More….
EUR/JPY recovers after dipping to 168.01 and intraday bias is turned neutral. Nevertheless, current development suggests that rebound from 164.31 has completed at 170.81. Risk will now stay on the downside as long as 170.87 resistance holds. Below 168.01 will target 167.31 support first. Break there will target 164.01 support next.
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.
