Daily Pivots: (S1) 163.83; (P) 164.36; (R1) 164.92; More….
A temporary top is in place at 165.00 with current retreat and intraday bias in EUR/JPY is turned neutral first. Outlook will stay bullish as long as 161.83 support holds. Above 165.00 will resume the rise from 155.14 to 61.8% retracement of 175.41 to 154.40 at 167.38. Sustained break there will pave the way to retest 175.41 high.
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.
