Daily Pivots: (S1) 154.98; (P) 155.83; (R1) 156.32; More….
Intraday bias in EUR/JPY stays on the downside as fall from 157.99 short term top is in progress for 154.03 support or below. But overall outlook will stay bullish as long as 151.60 resistance turned support holds. Larger rally is still expected to resume through 157.99 after the correction completes. On the upside, above 156.66 minor resistance will bring retest of 157.99 high first.
In the bigger picture, as long as 151.60 resistance turned support holds, rise from 114.42 (2020 low) is in progress. On resumption, next target is 100% projection of 124.37 to 148.38 from 138.81 at 162.82. Nevertheless, sustained break of 151.60 will argue that larger correction is already underway.
