Daily Pivots: (S1) 157.64; (P) 158.29; (R1) 158.87; More….
EUR/JPY’s up trend resumed by breaking through 159.90 today. Intraday bias is back on the upside. Current rally should target 163.06 projection level next. On the downside, break of 157.67 support is needed to indicate short term topping. Otherwise, outlook will stay bullish in case of retreat.
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.
