Daily Pivots: (S1) 156.91; (P) 157.41; (R1) 157.69; More….
Intraday bias in EUR/JPY stay neutral at this point. Consolidation from 157.99 is extending and deeper retreat cannot be ruled out. But further rally is still expected as long as 154.03 support holds. On the upside, break of 157.99 will resume larger up trend to 162.82 projection level. However, break of 154.03 will argue that larger correction is under way back to 151.60 resistance turned support.
In the bigger picture, rise from 114.42 (2020 low) is in progress. Next target is 100% projection of 124.37 to 148.38 from 138.81 at 162.82. For now, medium term outlook will remain bullish as long as 151.60 resistance turned support holds, even in case of deep pull back.
