Daily Pivots: (S1) 162.60; (P) 163.21; (R1) 164.21; More….
Intraday bias in EUR/JPY remains on the upside as recent rally is still in progress. Next near term target is 61.8% projection of 139.05 to 159.75 from 154.32 at 167.11. On the downside, below 163.23 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 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.
