Daily Pivots: (S1) 158.73; (P) 160.01; (R1) 160.88; More…
EUR/JPY retreated after hitting 161.25 and intraday bias is turned neutral again. Rise from 154.77 is seen as another rising leg in the corrective pattern from 154.40. Strong break of 161.17 resistance will affirm this case and target 164.89 resistance next.
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.
