Daily Pivots: (S1) 159.62; (P) 160.71; (R1) 162.44; More…
Intraday bias in EUR/JPY stays on the upside for the moment. Rise from 154.77 is seen as another rising leg in the consolidation pattern from 154.40. Next target is 164.89 resistance. For now, further rally is expected as long as 158.87 support holds, in case of retreat.
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.
