Daily Pivots: (S1) 159.94; (P) 160.72; (R1) 161.54; More…
EUR/JPY’s strong break of 159.74 support confirms resumption of whole fall from 164.89. Intraday bias is back on the downside for 156.16 support next. Overall, consolidation pattern from 154.40 could still extend. Above 161.48 minor resistance will turn bias back to the upside for 164.07 resistance.
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.
