Daily Pivots: (S1) 161.10; (P) 161.51; (R1) 162.28; More….
EUR/JPY falls sharply after edging higher to 163.47 but stays above 159.03 support. Intraday bias is turned neutral first. On the upside, break of 163.47/86 will extend the corrective pattern from 154.40 to 61.8% retracement of 175.41 to 154.40 at 167.38. However, firm break of 159.03 will argue that this corrective pattern has already completed, and bring deeper fall back to 154.40/155.14 support zone.
In the bigger picture, price actions from 175.41 are seen as correction to rally from 114.42 (2020 low). The range of consolidation should have been set between 38.2% retracement of 114.42 to 175.41 at 152.11 and 175.41 high. However, decisive break of 152.11 would argue that deeper correction is underway.
