Daily Pivots: (S1) 163.11; (P) 163.93; (R1) 164.71; More….
EUR/JPY’s fall from 166.67 is resuming by breaching 161.48 temporary low. Intraday bias is back on the downside for 155.14 support. Corrective rebound from For now, risk will stay on the downside as long as 154.40 could have completed with three waves up to 166.67 already. Risk will now stay on the downside as long as 164.74 resistance holds, in case of recovery.
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.
