Daily Pivots: (S1) 166.45; (P) 167.04; (R1) 167.36; More…
Intraday bias in EUR/JPY stays mildly on the upside despite loss of momentum as seen in 4H MACD. Current rise from 154.77 is in progress. Next target is 100% projection of 154.77 to 165.19 from 161.06 at 170.45. 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.
