Daily Pivots: (S1) 156.87; (P) 157.30; (R1) 158.01; More….
Intraday bias in EUR/JPY remains mildly on the downside for the moment. Sustained trading below 55 D EMA (now at 156.57) will argue that fall from 159.75 is a larger scale correction. Deeper fall would be seen back towards 151.39 support. On the upside, break of 159.75 will resume larger up trend to 163.06 projection target.
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.
