Daily Pivots: (S1) 161.36; (P) 162.40; (R1) 163.11; More…
Risk in EUR/JPY remains on the downside as long as 163.70 short term top holds. Fall from there would extend to channel support (now at 161.06). Firm break there will target 38.2% retracement of 153.15 to 163.70 at 159.66.
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).
. Firm break there will target 38.2% retracement of 153.15 to 163.70 at 159.66.){kind=link}