Daily Pivots: (S1) 159.49; (P) 159.92; (R1) 160.36; More….
EUR/JPY’s fall from 166.67 is in progress today and intraday bias stays on the downside. As noted before, corrective rebound from 154.40 could have completed with three waves up to 166.67. Deeper decline would be seen to 155.14 support next. On the upside, above 160.32 minor resistance will turn intraday bias neutral first. But risk will stay on the downside as long as 55 D EMA (now at 162.78) holds, in case of recovery.
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.
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