Daily Pivots: (S1) 159.08; (P) 159.81; (R1) 160.52; More…
No change in EUR/JPY’s outlook. While rebound from 156.16 might extend higher, it’s still seen as a corrective rise. Further decline is expected as long as 55 D EMA (now at 161.65) holds. On the downside, below 157.85 minor support will bring retest of 156.16 first. Break there will target 154.40 low next.
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.
 holds. On the downside, below 157.85 minor support will bring retest of 156.16 first. Break there will target 154.40 low next.){kind=link}