Daily Pivots: (S1) 161.29; (P) 161.55; (R1) 161.72; More….
Despite some loss of momentum as seen in 4H MACD, intraday bias in EUR/JPY stays on the upside. Current rally should target 163.06 projection level next. But strong resistance could be seen there to limit upside on first attempt. On the downside, below 160.68 minor support will turn intraday bias neutral and bring consolidations first, before staging another rise.
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.
