Daily Pivots: (S1) 157.95; (P) 158.21; (R1) 158.65; More….
EUR/JPY is still bounded in range trading and intraday bias remains neutral. On the downside, break of 156.85 will turn bias back to the downside deeper fall towards 151.39 support. On the upside, break of 159.75 will resume larger up trend instead.
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 remain the favored case as long as 151.39 support holds, even in case of deep pull back.
