Daily Pivots: (S1) 156.79; (P) 158.00; (R1) 160.41; More…
EUR/JPY’s rebound from 154.77 resumed and break of 158.45 indicates short term bottoming. Intraday bias is back on the upside. Sustained break of 55 D EMA (now at 159.55) will argue that corrective pattern from 154.40 has started another rising leg, and target 161.17 resistance and above.
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.
 will argue that corrective pattern from 154.40 has started another rising leg, and target 161.17 resistance and above.){kind=link}