Daily Pivots: (S1) 162.31; (P) 163.17; (R1) 164.64; More…
EUR/JPY’s break of 163.30 minor resistance suggests that pull back from 164.98 has completed at 160.89 already. Intraday bias is back on the upside. Firm break of 164.89 will resume the rally from 156.16, as a leg of the corrective pattern from 154.40, and target 166.67. This will now remain the favored case as long as 160.89 support holds.
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.
