Daily Pivots: (S1) 162.18; (P) 162.51; (R1) 162.84; More….
Intraday bias in EUR/JPY remains neutral as range trading continues. On the upside, firm break of 163.86 resistance will resume the rebound from 154.40 to 61.8% retracement of 175.41 to 154.40 at 167.38. On the downside, break of 161.00 minor support will turn bias back to the downside. Further break of 158.09 will target 154.40/155.14 support zone.
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.
