Daily Pivots: (S1) 167.68; (P) 168.48; (R1) 169.06; More…
Intraday bias in EUR/JPY remains neutral and more consolidations could be seen below 169.69 temporary top. Further rally is expected as long as 166.01 support holds. Break of 169.69 temporary top will resume the rise from 154.77 and target 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.
