Daily Pivots: (S1) 162.54; (P) 162.99; (R1) 163.38; More…
EUR/JPY dips notably today as range trading from 163.70 extends. Intraday bias stays neutral first. On the downside, break of 161.67 minor support will bring deeper decline to 38.2% retracement of 153.15 to 163.70 at 159.66, as corrective pattern from 163.70 resumes. Nevertheless, firm break of 163.70 will resume whole rally from 153.15 to retest 164.29 high.
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).
