Daily Pivots: (S1) 161.14; (P) 161.37; (R1) 161.77; More…
Intraday bias in EUR/JPY is turned neutral first as it retreated ahead of 161.84 resistance On the upside, firm break of 161.84 will confirm resumption of whole rise from 153.15. Next target is a retest on 164.29 high. On the downside, however, below 160.36 will extend the pattern from 161.84 with another falling leg, and turn bias to the downside for 158.06 support 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 148.38 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. Next target would be 169.96 (2008 high).
