Daily Pivots: (S1) 158.11; (P) 158.73; (R1) 159.21; More….
Break of 158.17 minor support indicate short term topping at 159.32. Intraday bias in EUR/JPY is mildly on the downside for deeper pull back to 55 D EMA (now at 155.31). On the upside, though, break of 159.32 will resume larger up trend to 61.8% projection of 139.05 to 157.99 from 151.39 at 163.09 next.
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.
. On the upside, though, break of 159.32 will resume larger up trend to 61.8% projection of 139.05 to 157.99 from 151.39 at 163.09 next.){kind=link}