Daily Pivots: (S1) 157.07; (P) 160.28; (R1) 161.99; More….
Intraday bias in EUR/JPY stays on the downside for the moment. Current development suggest that corrective pattern from 154.40 might have completed with three waves to 163.47 already. Deeper decline would be seen o retest 154.40/155.14 support zone. For now, risk will stay mildly on the downside as long as 163.47 resistance holds, in case of recovery.
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.
