EUR/JPY Daily Outlook

Daily Pivots: (S1) 161.14; (P) 161.37; (R1) 161.77; More

EUR/JPY’s rally resume after brief consolidations and intraday bias is back on the upside. 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 160.90 minor support will turn intraday bias neutral 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 148.38 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).

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