EUR/JPY Daily Outlook

Daily Pivots: (S1) 161.57; (P) 162.56; (R1) 163.35; More….

Intraday bias in EUR/JPY is now on the downside as fall from 164.92 extends. Deeper decline would be seen, but downside should be contained well above 159.75 resistance turned support to bring another rally. On the upside, above 162.42 minor resistance will bring retest of 164.29. Firm break there will resume larger up trend.

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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