Daily Pivots: (S1) 163.01; (P) 163.23; (R1) 163.51; More…
EUR/JPY dips further to 162.92 but recovered since then. Intraday bias stays neutral first. On the downside, below 162.92 will resume the decline from 165.33 short term opt, and target 160.20 structural support next. On the upside, however, break of 164.40 minor resistance will bring retest of 165.33 instead.
In the bigger picture, current rally is part of the up trend from 114.42 (2020 low), which is still in progress. Next target is 169.96 (2008 high). Break of 160.20 support is needed to be the first sign of medium term topping. Otherwise, outlook will stay bullish in case of retreat.
