Daily Pivots: (S1) 158.49; (P) 159.73; (R1) 161.56; More…
EUR/JPY’s strong break of 159.74 support turned resistance suggests that fall from 164.89 has completed with three waves down to 155.72, ahead of 154.40 key support. Intraday bias is back on the upside for 164.89 or even further to 166.67. On the downside, below 158.96 minor support will turn intraday bias neutral again first. Overall, sideway pattern from 154.40 would extend further for a while.
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.
