Daily Pivots: (S1) 163.86; (P) 164.39; (R1) 165.15; More…
EUR/JPY’s rally from 154.77 resumed by breaking 164.61 resistance and intraday bias is back on the upside. Further rally should be seen to 166.67 resistance. For now, risk will stay on the upside as long as 161.57 support holds, in case of retreat.
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.
