Daily Pivots: (S1) 162.17; (P) 162.41; (R1) 162.86; More…
EUR/JPY’s rally is in progress and intraday bias stays on the upside. Current rise from 153.15 is in progress for retesting 164.29 high. On the downside, however, below 161.93 minor support will turn intraday bias neutral and bring consolidations, before staging another rally.
In the bigger picture, price actions from 164.29 medium term top are seen as a correction to rise from 139.05 only. As long as 148.38 resistance turned support holds (2022 high), larger up trend from 114.42 (2020 low) is expected to resume through 164.29 at a later stage. Next target would be 169.96 (2008 high).
