Daily Pivots: (S1) 163.45; (P) 166.06; (R1) 168.06; More…
EUR/JPY’s fall from 171.58 resumed and dipped to 164.04 but quickly recovered. Further fall is now in favor as long as 168.64 resistance holds, as a correction to rise from 153.15. Sustained break of 55 D EMA (now at 163.94) will target 61.8% retracement of 153.15 to 171.58 at 160.19.
In the bigger picture, current rally is part of the up trend from 114.42 (2020 low), which is still in progress. Decisive break of 169.96 (2008 high) will pave the way to 100% projection of 139.05 to 164.29 from 153.15 at 178.39. On the downside, break of 162.26 support is needed to be the first sign of medium term topping. Otherwise, outlook will stay bullish in case of retreat.
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