Daily Pivots: (S1) 159.20; (P) 160.40; (R1) 161.09; More…
EUR/JPY’s decline continues today and breached 155.91 fibonacci level. There is no sign of bottoming yet and intraday bias remains on the downside. Next target is 153.15 support. On the upside, above 159.69 minor resistance will turn intraday bias neutral and bring consolidations first, before staging another decline.
In the bigger picture, fall from 175.41 medium term top is at least correcting the rise from 124.73, with risk of bearish trend reversal. 38.2% retracement of 124.37 to 175.41 at 155.91 is already met. Firm break of 153.15 will target 139.05/148.38 support zone. This will now remain the favored case as long as 55 W EMA (now at 161.79) holds, even in case of strong rebound.
