Daily Pivots: (S1) 159.80; (P) 160.68; (R1) 161.30; More…
Intraday bias in EUR/JPY remains neutral for consolidations below 162.34. Further rise is expected as long as 158.87 support holds. Above 162.34 will resume the rise from 154.77 to 164.89 resistance, as another rising leg in the consolidation pattern from 154.40.
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.
