Daily Pivots: (S1) 166.42; (P) 166.87; (R1) 167.70; More…
EUR/JPY rebounded strongly after drawing support from 55 4H EMA and focus is back on 167.59 resistance. Decisive break there will resume rally from 154.77. Next target is 100% projection of 154.77 to 165.19 from 161.06 at 170.45. For now, near term outlook will stay cautiously bullish as long as 164.91 support holds, even in case of another 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.
