Daily Pivots: (S1) 169.60; (P) 170.10; (R1) 170.90; More…
EUR/JPY’s rally resumed after brief consolidations and met 100% projection of 154.77 to 164.16 from 161.06 at 170.45 already. Intraday bias is back on the upside. Sustained trading above 170.45 will extend the rise from 154.77 to 138.2% projection at 174.03. On the downside, however, break of 168.44 support will indicate short term topping, and turn bias to the downside for deeper pullback.
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.
