Daily Pivots: (S1) 167.48; (P) 167.72; (R1) 168.03; More…
Further rise is mildly in favor in EUR/JPY despite loss of momentum as seen in 4H MACD. Rebound from 164.01 is seen as the second leg of the corrective pattern from 171.58, and would target 168.64 resistance. On the downside, break of 166.73 minor support will argue that the third leg has started, and turn bias back to the downside for 164.01.
In the bigger picture, a medium top could be formed at 171.58 after brief breach of 169.96 (2008 high). As long as 55 W EMA (now at 157.89) holds, fall from there is seen as correcting the rise from 153.15 only. However, sustained break of 55 W EMA will argue that larger scale correction is underway and target 153.15 support.
