Daily Pivots: (S1) 157.14; (P) 157.52; (R1) 158.12; More….
EUR/JPY’s break of 158.03 resistance indicates resumption of larger up trend. Intraday bias is back on the upside. Further rally should be seen to 61.8% projection of 139.05 to 157.99 from 151.39 at 163.09 next. For now, outlook will stay bullish as long as 156.33 support holds, in case of retreat.
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 139.05 at 163.06. Sustained break there will pave the way to retest long term resistance at 169.96. This will now remain the favored case as long as 151.39 support holds, even in case of deep pull back.
