Daily Pivots: (S1) 156.06; (P) 157.35; (R1) 158.32; More….
EUR/JPY’s fall from 166.67 is still in progress and intraday bias remains on the downside for 155.14 support first. Firm break there will raise the chance that whole decline from 175.41 is resuming, and target 154.40 low next. On the upside, above 158.63 minor 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). 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.
