Daily Pivots: (S1) 158.23; (P) 159.08; (R1) 159.61; More….
Intraday bias in EUR/JPY is turned neutral again as it retreated quickly after hitting 159.90. For now, further rise is in favor as long as 157.67 support holds. Above 159.90 will resume larger up trend to 163.06 projection level. However, firm break of 157.67 will turn bias back to the downside 154.32 support 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. 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.
