Daily Pivots: (S1) 157.45; (P) 157.85; (R1) 158.47; More….
Intraday bias in EUR/JPY remains neutral at this point. Risk will stay mildly on the downside as long as 159.47 short term top holds. Break of 156.85 will resume the corrective fall to 55 D EMA (now at 155.87) and possibly below.
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 remain the favored case as long as 151.39 support holds, even in case of deep pull back.
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