Daily Pivots: (S1) 164.32; (P) 164.77; (R1) 165.41; More…
Intraday bias in EUR/JPY stays mildly on the upside at this point. Current rise from 154.77 should extend to 166.67 resistance. On the downside, below 164.10 minor support will turn intraday bias neutral first. But 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.
