Daily Pivots: (S1) 171.20; (P) 171.61; (R1) 172.30; More…
Intraday bias in EUR/JPY remains on the upside at this point. Current rise from 154.77 should target 138.2% projection of 154.77 to 164.16 from 161.06 at 174.03. On the downside, below 169.86 minor support will turn intraday bias neutral and bring consolidations first, before staging another rise.
In the bigger picture, price actions from 175.41 (2024 high) are seen as correction to up trend from 114.42 (2020 low). The pattern might still extend with another falling leg. But in that case, strong support should be seen from 38.2% retracement of 114.42 to 175.41 at 152.11 to contain downside. Meanwhile, decisive break of 175.41 will confirm long term up trend resumption.
