Daily Pivots: (S1) 162.74; (P) 163.20; (R1) 163.62; More….
EUR/JPY’s rebound from 154.40 finally resumed by breaking through 163.86 resistance. Intraday bias is back on the upside for 61.8% retracement of 175.41 to 154.40 at 167.38. Su stained break there will pave the way to retest 175.41 high. On the downside, break of 161.83 support is needed to indicate short term topping. Otherwise, further rally will remain in favor even in case of retreat.
In the bigger picture, price actions from 175.41 are seen as correction to rally from 114.42 (2020 low). The range of consolidation should have been set between 38.2% retracement of 114.42 to 175.41 at 152.11 and 175.41 high. However, decisive break of 152.11 would argue that deeper correction is underway.
