Daily Pivots: (S1) 159.42; (P) 159.88; (R1) 160.54; More…
Intraday bias in EUR/JPY stays neutral at this point, and outlook is unchanged. While deeper retreat cannot be ruled out, further rally is expected as long as 158.55 resistance turned support holds. On the upside, break of 160.91 minor resistance will argue that rise from 153.15 is ready to resume through 161.84. Nevertheless, firm break of 158.55 will dampen this view and turn bias back to the downside instead.
In the bigger picture, price actions from 164.29 medium term top are seen as a correction to rise from 139.05 only. As long as 148.48 resistance turned support holds (2022 high), larger up trend from 114.42 (2020 low) is expected to resume through 164.29 at a later stage.
