Daily Pivots: (S1) 156.06; (P) 156.41; (R1) 157.00; More….
Intraday bias in EUR/JPY is turned neutral with current recovery and with 4H MACD crossed above signal line. Near term outlook stays bearish as long as 158.46 resistance holds. Break of 154.32 will resume the whole fall from 159.75 to 151.39 support. Nevertheless, break of 158.464 will argue that the pull back has completed, and turn bias back to the upside.
In the bigger picture, price actions from 159.75 are views as a corrective pattern for now. As long as 151.39 support holds, rise from 114.42 (2020 low) is still expected to continue through 159.75 at a later stage. Nevertheless, firm break of 176.29 will confirm medium term topping, and bring lengthier and deeper correction.
