Daily Pivots: (S1) 163.36; (P) 164.00; (R1) 164.54; More…
Intraday bias in EUR/JPY is turned neutral first with current retreat, and some consolidations would be seen. Further rally is expected as long as 161.68 support holds. Above 164.61 will resume the rise from 154.77 to 100% projection of 154.77 to 164.16 from 158.27 at 167.66.
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.
