Daily Pivots: (S1) 161.23; (P) 161.86; (R1) 162.41; More…
Intraday bias in EUR/JPY is back on the downside with break of 160.94 minor support. Deeper decline would be seen to 159.74 support and below. But overall, price actions from 154.40 are seen as a corrective pattern, which might still extend further.
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.
