Daily Pivots: (S1) 161.67; (P) 162.55; (R1) 163.29; More…
Intraday bias in EUR/JPY remains neutral at this point. Further rally is in favor as long as 161.57 support holds. On the upside, break of 163.35 minor resistance will bring retest of 165.19 first. Break of 165.19 will resume the rise from 154.77 to 166.67 resistance. However, firm break of 161.57 will indicate near term reversal, and turn bias back to the downside.
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.
