Daily Pivots: (S1) 163.25; (P) 163.96; (R1) 165.04; More…
Intraday bias in EUR/JPY is back on the upside with break of 164.24. Firm break of 165.19 will resume whole rally from 154.77 and target 166.67 resistance next. For now further rise is expected as long as 162.87 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.
