Daily Pivots: (S1) 166.45; (P) 167.04; (R1) 167.36; More…
Intraday bias in EUR/JPY is turned neutral with current extended retreat. Some consolidations could be seen but further rally is expected as long as 164.91 support holds. Break of 167.59 will resume the rise from 154.77 to 100% projection of 154.77 to 165.19 from 161.06 at 170.45.
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.
