Daily Pivots: (S1) 161.78; (P) 162.08; (R1) 162.61; More….
EUR/JPY’s rally accelerates to as high as 163.44 so far. 163.06 projection is taken out already and there is no sign of topping. Intraday bias stays on the upside . Next target is 169.96 long term resistance. On the downside, below 162.35 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. sustained trading above 100% projection of 124.37 to 148.38 from 139.05 at 163.06 will target 169.96 (2008 high). On the downside, break of 159.75 resistance turned support is needed to be the first sign of medium term topping. Otherwise, outlook will remain bullish even in case of deep pullback.
