Daily Pivots: (S1) 170.04; (P) 170.42; (R1) 170.67; More…
EUR/JPY’s break of 169.46 minor support suggests short term topping at 170.78, on bearish divergence condition in 4H MACD. Rise from 164.01, as the second leg of the corrective pattern from 171.58, might have completed. Intraday bias is back on the downside fro 167.31 support first. For now, risk will stay on the downside as long as 170.78 resistance holds, in case of recovery.
In the bigger picture, a medium top could be formed at 171.58 after brief breach of 169.96 (2008 high). As long as 55 W EMA (now at 159.10) holds, price actions from there is seen as correcting the rise from 153.15 only. However, sustained break of 55 W EMA will argue that larger scale correction is underway and target 153.15 support.
