Daily Pivots: (S1) 162.42; (P) 163.19; (R1) 164.28; More…
EUR/JPY’s break of 163.35 resistance suggests that fall from 165.19 has completed as a correction. Intraday bias is back on the upside for 165.19 first. Firm break there will resume while rise from 154.77 to 166.67 resistance.
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.
