Daily Pivots: (S1) 162.94; (P) 163.17; (R1) 163.59; More…
EUR/JPY’s break of 162.55 minor support indicates short term topping at 163.70. Considering bearish divergence condition in 4H MACD, it could now be corrective whole rise from 153.15. Intraday bias is back on the downside for channel support (now at 160.93). Firm break there will target 38.2% retracement of 153.15 to 163.70 at 159.66. For now, risk will stay mildly on the downside as long as 163.70 resistance holds, in case of recovery.
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).
. Firm break there will target 38.2% retracement of 153.15 to 163.70 at 159.66. For now, risk will stay mildly on the downside as long as 163.70 resistance holds, in case of recovery.){kind=link}