Daily Pivots: (S1) 169.10; (P) 169.45; (R1) 169.85; More…
Intraday bias in EUR/JPY remains neutral and consolidations from 169.83 could extend. Another retreat cannot be ruled out, but downside downside should be contained well above 166.01 support to bring rebound. Above 169.83 will resume the rise from 154.77 to 100% projection of 154.77 to 164.16 from 161.06 at 170.45. Break there will target 138.2% projection at 174.03.
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.
