Daily Pivots: (S1) 167.42; (P) 168.61; (R1) 169.69; More…
Intraday bias in EUR/JPY remains mildly on the downside for the moment. Sustained trading below 55 D EMA (now at 167.43) will extend the fall from 170.87, as the third leg of the pattern from 151.58, to 164.01 support next. For now, risk will stay on the downside as long as 170.12 resistance holds, in case of recovery.
In the bigger picture, as long as 55 W EMA (now at 159.51) holds, price actions from 171.58 medium term top are seen as as correcting the rise from 153.15 only. That is, larger up trend remains in favor to continue as a later stage. However, sustained break of 55 W EMA will argue that larger scale correction is underway and target 153.15 support.
 will extend the fall from 170.87, as the third leg of the pattern from 151.58, to 164.01 support next. For now, risk will stay on the downside as long as 170.12 resistance holds, in case of recovery.){kind=link}