Daily Pivots: (S1) 164.33; (P) 164.81; (R1) 165.51; More…
Intraday bias in EUR/JPY stays on the upside at this point. Decisive break of 165.19 will resume whole rally from 154.77 to 166.67 resistance, and possibly further to 61.8% retracement of 175.41 to 154.77 at 167.38. For now, near term outlook will stay mildly bullish as long as 162.87 support holds, in case of retreat.
In the bigger picture, price actions from 175.41 are seen as correction to up trend 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.
