Daily Pivots: (S1) 164.14; (P) 164.49; (R1) 164.94; More…
EUR/JPY’s rally from 156.16 is still in progress and intraday bias stays on the upside. Corrective pattern from 154.04 is extending with another rising leg. Further rise should be seen to 166.67 resistance next. On the downside, below 163.79 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.
