Daily Pivots: (S1) 170.08; (P) 170.29; (R1) 170.61; More…
EUR/JPY’s rally from 164.01 is still in progress and intraday bias stays on the upside. Break of 61.8% projection of 164.01 to 169.38 from 167.31 at 170.62 will target 171.58 high. Strong resistance could be seen there to limit upside. On the downside, below 169.45 minor support will turn bias back to the downside for 167.31 support.
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 158.72) holds, price actions 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.
