Daily Pivots: (S1) 166.11; (P) 166.81; (R1) 167.39; More…
Intraday bias in EUR/JPY remains neutral as consolidation continues above 164.81. Further decline is expected as long as 55 4H EMA (now at 168.63) 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. Nevertheless, sustained break of 55 4H EMA will turn bias back to the upside for stronger rebound to 55 D EMA (now at 169.79).
In the bigger picture, immediate focus is 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.
 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. Nevertheless, sustained break of 55 4H EMA will turn bias back to the upside for stronger rebound to 55 D EMA (now at 169.79).){kind=link}