Daily Pivots: (S1) 159.70; (P) 160.79; (R1) 162.88; More….
Intraday bias in EUR/JPY remains neutral for the moment. Risk is mildly on the downside as long as 163.47 resistance intact. Below 158.09 will bring deeper fall back to 154.40/155.14 support zone. ON the upside, though, break of 163.47 will resume the rise from 155.14 to 61.8% retracement of 175.41 to 154.40 at 167.38.
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.
