Daily Pivots: (S1) 162.04; (P) 162.51; (R1) 163.11; More…
Intraday bias in EUR/JPY remains neutral at this point. Above 163.35 minor resistance will suggest that fall from 165.19 has completed as a correction, and rise from 154.77 is still in progress. Intraday bias will be turned back to the upside for 165.19 next. On the downside, break of 161.06 will resume the fall from 165.19 to 158.27 support.
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.
