Daily Pivots: (S1) 157.72; (P) 158.60; (R1) 159.12; More….
EUR/JPY’s steep fall and break of 157.64 minor support indicates short term topping at 159.47, on bearish divergence condition in 4H MACD. Intraday bias is back on the downside for 55 D EMA (now at 155.62) first. For now, risk will stay mildly on the downside as long as 159.47 holds, in case of recovery.
In the bigger picture, rise from 114.42 (2020 low) is in progress. Next target is 100% projection of 124.37 to 148.38 from 139.05 at 163.06. Sustained break there will pave the way to retest long term resistance at 169.96. This will now remain the favored case as long as 151.39 support holds, even in case of deep pull back.
 first. For now, risk will stay mildly on the downside as long as 159.47 holds, in case of recovery.){kind=link}