EUR/JPY Daily Outlook

Daily Pivots: (S1) 158.28; (P) 159.28; (R1) 159.98; More

Immediate focus is now on 158.55 support in EUR/JPY. Sustained break there will argue that rebound from 153.15 has completed at 161.84 already. Fall from there is then seen as the third leg of the pattern from 164.29 high. Intraday bias will be turned back to the downside for 155.06 support next. On the upside, above 160.25 minor resistance will retain near term bullishness, and bring retest of 161.84 first.

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.

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