Daily Pivots: (S1) 160.68; (P) 161.31; (R1) 162.02; More….
EUR/JPY recovered after hitting 100% projection of 164.29 tot 161.22 from 163.77 at 160.63. Intraday bias is turned neutral first. While further decline cannot be ruled out, downside should be contained by 159.75 key support to complete the correction from 164.29. Meanwhile, break of 162.24 minor resistance will turn bias back to the upside for retesting 163.70/164.29 resistance zone.
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.
