Daily Pivots: (S1) 157.36; (P) 158.24; (R1) 158.77; More…
Intraday bias in EUR/JPY is back on the downside as fall from 161.17 accelerates lower. Break of 155.72 support will be a strong sign that whole fall from 175.41 is resuming. Retest of 154.40 support should be seen next and firm break there should confirm. Nevertheless, on the upside, above 158.35 minor resistance will turn intraday bias neutral again first, and probably extend the corrective pattern from 154.40 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 even still as a correction.
