Daily Pivots: (S1) 161.58; (P) 161.90; (R1) 162.49; More…
EUR/JPY recovered further today but stays below 163.30 minor resistance and intraday bias stays neutral. Outlook is unchanged that t corrective pattern from 154.40 is still extending. Above 163.30 minor resistance will bring retest of 164.89 first. Break there will target 166.67 resistance 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.
