Daily Pivots: (S1) 157.66; (P) 158.12 (R1) 158.59; More….
Intraday bias in EUR/JPY is turned neutral first with today’s recovery. On the upside, decisive break of 159.32 will resume larger up trend, and target 61.8% projection of 139.05 to 157.99 from 151.39 at 163.09 next. On the downside, however, break of 157.64 will turn bias back to the downside for deeper correction.
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.
