Daily Pivots: (S1) 158.30; (P) 158.62; (R1) 159.05; More….
Intraday bias in EUR/JPY stays mildly on the upside for the moment. Further rise would be seen to retest 159.75 resistance. Decisive break there will resume larger up trend. On the downside, break of 157.03 support is needed to signal completion of the rebound. Otherwise, further rally will remain in favor in case of retreat.
In the bigger picture, price actions from 159.75 are views as a corrective pattern. As long as 151.39 support holds, rise from 114.42 (2020 low) is expected to continue through 159.75. Next target will be 100% projection of 124.37 to 148.38 from 139.05 at 163.06.
