Daily Pivots: (S1) 161.16; (P) 161.96; (R1) 162.82; More…
Intraday bias in EUR/JPY is turned neutral first with current recovery. On the downside, break of 161.06 will resume the fall from 165.19 to 158.27 support next. Nevertheless, on the upside, break of 163.35 resistance will revive near term bullishness, and bring retest of 165.19 instead.
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.
