Daily Pivots: (S1) 165.35; (P) 165.97; (R1) 167.02; More…
EUR/JPY’s rally resumed by breaking through 166.73 temporary top and intraday bias is back on the upside. Current is part of the rally from 154.77, and should target 61.8% retracement of 175.41 to 154.77 at 167.38. For now, further rally is expected as long as 164.91 support holds, in case of retreat.
In the bigger picture, price actions from 175.41 are seen as correction to up trend 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.
