Daily Pivots: (S1) 161.02; (P) 161.81; (R1) 163.02; More…
EUR/JPY’s break of 38.2% retracement of 175.41 to 154.40 at 162.42 suggests that fall from 175.41 has completed at 154.40. Rise from there is now seen as the second leg of the corrective pattern from 175.41. Intraday bias is on the upside or 61.8% retracement at 167.38 next. On the downside, below 160.57 minor support will turn bias back to the downside for 154.40 instead.
In the bigger picture, price actions from 175.41 are seen as correction to rally from 114.42 (2020 low). Current development suggests that the first leg has completed. The range of consolidation should be set between 38.2% retracement of 114.42 to 175.41 at 152.11 and 175.41 high.
