Daily Pivots: (S1) 156.79; (P) 157.49; (R1) 158.72; More…
Intraday bias in EUR/JPY is turned neutral first with current strong recovery. On the downside, break of 155.72 will resume the fall from 164.89. Next target is 100% projection of 166.7 to 156.16 from 164.89 at 154.38. Nevertheless, firm break of 159.74 support turned resistance will argue that fall from 164.89 has completed, and turn bias back to the upside for this resistance. Overall, sideway corrective pattern from 154.40 might extend further.
In the bigger picture, price actions from 175.41 are seen as correction to rally from 114.42 (2020 low). Strong support should be seen from 38.2% retracement of 114.42 to 175.41 at 152.11 to contain downside. However, sustained break of 152.11 will bring deeper fall to 100% projection of 175.41 to 154.40 from 166.57 at 145.56, even still as a correction.
