EUR/JPY Daily Outlook

Daily Pivots: (S1) 162.42; (P) 163.03; (R1) 163.89; More….

Intraday bias in EUR/JPY remains neutral as consolidation from 164.29 is extending. Downside of retreat should be contained well above 159.75 resistance turned support to bring another rally. On the upside, break of 164.29 will resume larger up trend to 61.8% projection of 139.05 to 159.75 from 154.32 at 167.11.

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.

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