Daily Pivots: (S1) 161.40; (P) 161.90; (R1) 162.74; More…
Intraday bias in EUR/JPY remains on the upside for the moment. Correction from 163.70 should have completed at 160.20. Further rally would be seen to retest 163.70 first. Decisive break there will resume larger rally from 153.15 for 164.29 high. On the downside, below 161.05 minor support will turn bias back to the downside to resume the correction from 163.70.
In the bigger picture, price actions from 164.29 medium term top are seen as a correction to rise from 139.05 which could still be extending. 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).
