Daily Pivots: (S1) 165.33; (P) 166.46; (R1) 168.09; More…
A temporary low should be in place at 164.81 with current recovery. Intraday bias in EUR/JPY is turned neutral first. But risk will stay on the downside as long as 169.98 support turned resistance holds. On the downside, decisive break of 164.29 support turned resistance will indicate that larger scale correction is underway for 155.91 fibonacci level.
In the bigger picture, immediate focus is now on 164.29 resistance turned support. Strong rebound from there will retain medium term bullishness for resuming the up trend through 175.41 at a later stage. However, decisive break of 164.29 will indicate that fall from 175.41 is at least correcting the rise from 124.73, with risk of bearish trend reversal. Deeper decline would be seen to 38.2% retracement of 124.37 to 175.41 at 155.91.
