Daily Pivots: (S1) 169.88; (P) 170.16; (R1) 170.48; More…
Intraday bias in EUR/JPY remains on the upside at this point. Sustained trading above 100% projection of 154.77 to 164.16 from 161.06 at 170.45 will target 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 (2024 high) are seen as correction to up trend from 114.42 (2020 low). The pattern might still extend with another falling leg. But in that case, strong support should be seen from 38.2% retracement of 114.42 to 175.41 at 152.11 to contain downside. Meanwhile, decisive break of 175.41 will confirm long term up trend resumption.
