Daily Pivots: (S1) 159.32; (P) 160.03; (R1) 161.32; More…
Intraday bias in EUR/JPY stays on the upside for the moment. Rise from 154.77 is seen as another rising leg in the corrective pattern from 154.40. Further rally should be seen towards 164.89 resistance. On the downside, below 159.52 minor support will turn intraday bias neutral first.
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.
