Daily Pivots: (S1) 159.00; (P) 160.08; (R1) 161.73; More….
Intraday bias in EUR/JPY stays on the upside at this point. Rise from 155.14, ,as the third leg of the corrective pattern from 154.40, is in progress for 163.86 resistance. Break there will target 61.8% retracement of 175.41 to 154.40 at 167.38. On the downside, though, below 158.41 minor support will turn intraday bias neutral first.
In the bigger picture, price actions from 175.41 are seen as correction to rally from 114.42 (2020 low). The range of consolidation should have been set between 38.2% retracement of 114.42 to 175.41 at 152.11 and 175.41 high. However, decisive break of 152.11 would argue that deeper correction is underway.
