Daily Pivots: (S1) 158.74; (P) 159.83; (R1) 160.39; More….
Current decline suggests that rebound from 154.40 has completed at 163.86. Intraday bias in EUR/JPY is back on the downside for retesting 154.40 low first. Firm break there will resume whole fall from 175.41. On the upside, above 160.01 support turned resistance will turn intraday bias neutral first.
In the bigger picture, price actions from 175.41 are seen as correction to rally from 114.42 (2020 low). Current development suggests that the first leg has completed. The range of consolidation should be seen between 38.2% retracement of 114.42 to 175.41 at 152.11 and 175.41 high.
