Daily Pivots: (S1) 155.00; (P) 156.08; (R1) 157.37; More…
EUR/JPY’s breach of 158.19 resistance suggests short term bottoming at 154.77, ahead of 154.40 key support. Intraday bias is back on the upside for 55 D EMA (now at 159.77). Sustained break there will argue that corrective pattern from 154.40 has started another rising leg, and target 161.17 resistance and above. Nevertheless, below 154.77 will target 154.40 support and below.
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. Next target will be 100% projection of 175.41 to 154.40 from 166.67 at 145.66.
. Sustained break there will argue that corrective pattern from 154.40 has started another rising leg, and target 161.17 resistance and above. Nevertheless, below 154.77 will target 154.40 support and below.){kind=link}