Daily Pivots: (S1) 171.10; (P) 171.69; (R1) 172.11; More…
Intraday bias in EUR/JPY is turned neutral with current retreat, and some consolidations could be seen below 172.25 temporary top. Downside should be contained above 168.44 support to bring another rally. On the upside, break of 172.25 will extend the rise from 154.77 to 138.2% projection of 154.77 to 164.16 from 161.06 at 174.03.
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.
