Daily Pivots: (S1) 160.28; (P) 161.04; (R1) 162.04; More…
Intraday bias in EUR/JPY is turned neutral first with current recovery. Rebound from 156.16 might have completed at 164.89 already. Risk will stay on the downside as long as 164.53 resistance holds. Below 160.02 will bring deeper fall to 156.16 support next. Firm break there will argue that corrective pattern from 154.40 has completed, and fall from 175.41 is ready to resume.
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.
