Daily Pivots: (S1) 169.14; (P) 169.79; (R1) 170.52; More…
Intraday bias in EUR/JPY remains on the downside at this point. Fall from 170.78 will target 167.31 support first. Firm break there will confirm that corrective pattern from 171.58 has started the third leg, and target 164.01 support next. For now, risk will stay on the downside as long as 170.78 resistance holds, in case of recovery.
In the bigger picture, a medium top could be formed at 171.58 after brief breach of 169.96 (2008 high). As long as 55 W EMA (now at 159.10) holds, price actions from there is seen as correcting the rise from 153.15 only. However, sustained break of 55 W EMA will argue that larger scale correction is underway and target 153.15 support.
