Daily Pivots: (S1) 156.59; (P) 157.72; (R1) 158.41; More…
EUR/JPY’s fall resumed by breaking through 157.96 and intraday bias is back on the downside for 156.16 support. Firm break there would argue that corrective pattern from 154.40 has completed at 166.67. Deeper fall would be seen to 100% projection of 166.7 to 156.16 from 164.89 at 154.38. For now, risk will stay on the downside as long as 160.68 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.
