Daily Pivots: (S1) 158.89; (P) 159.34; (R1) 160.16; More….
EUR/JPY’s break of 159.75 indicates larger up trend resumption. Intraday bias stays on the upside at this point. next target is 163.06 projection level. On the downside, below 158.49 minor support will turn intraday bias neutral and bring consolidations first, before staging another rally.
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. On the downside, break of 154.32 support is needed to be the first sign of medium term topping. Otherwise, outlook will remain bullish even in case of deep pullback.
