Daily Pivots: (S1) 162.01; (P) 162.53; (R1) 163.50; More…
Intraday bias in EUR/JPY is back on the upside with strong break of 162.34 temporary top. Rise from 154.77, as another rising leg in the consolidation from 154.40, should target 164.89 resistance. On the downside, below 162.34 will turn intraday bias neutral again and bring consolidations 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.
