Daily Pivots: (S1) 165.52; (P) 165.98; (R1) 166.57; More…
Intraday bias in EUR/JPY stays on the upside, as rise from 154.77 is in progress. Next target is 166.67 resistance, and then 61.8% retracement of 175.41 to 154.77 at 167.38. On the downside, below 164.53 minor support will turn intraday bias neutral again first.
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.
