Daily Pivots: (S1) 158.29; (P) 158.85; (R1) 159.89; More….
Prior breach of 159.32 suggests that EUR/JPY’s up trend is resuming. Further rally is now expected as long as 157.64 support holds. Next target is 61.8% projection of 139.05 to 157.99 from 151.39 at 163.09. Nevertheless, break of 157.64 will now indicate short term topping, and turn bias 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.
