Daily Pivots: (S1) 171.88; (P) 172.37; (R1) 173.08; More…
EUR/JPY’s extended rebound indicates that corrective pullback from 173.87 has completed at 169.69 already. Intraday bias is back on the upside for retesting 173.87. Firm break there will resume larger rally from 154.77 to retest 175.41 high. On the downside, break of 171.53 will extend the corrective pattern with another falling leg towards 38.2% retracement of 161.06 to 173.87 at 168.97 before completion.
In the bigger picture, considering current strong momentum as seen in the rally from 154.77, corrective pattern from 175.41 could have already completed. Decisive break of 154.77 will confirm long term up trend resumption. Next target is 61.8% projection of 124.37 to 175.41 from 154.77 at 186.31. However, rejection by 175.41, followed by firm break of 55 D EMA (now at 169.27) will delay this bullish case.
