Daily Pivots: (S1) 155.21; (P) 156.22; (R1) 156.77; More…
Intraday bias in EUR/JPY is back on the downside with break of 155.72 support, and deeper fall should be seen to 154.40 key support. Firm break there will confirm resumption of whole decline from 175.41 and target 152.11 fibonacci level next. On the upside, above 157.29 resistance will turn intraday bias neutral again first.
In the bigger picture, price actions from 175.41 are seen as correction to rally from 114.42 (2020 low). Strong support should be seen from 38.2% retracement of 114.42 to 175.41 at 152.11 to contain downside. However, sustained break of 152.11 will bring deeper fall even still as a correction. Next target will be 100% projection of 175.41 to 154.40 from 166.67 at 145.66.
