Daily Pivots: (S1) 170.11; (P) 171.47; (R1) 172.23; More…
EUR/JPY’s break of 170.87 resistance turned support argues that fall from 175.41 might be correcting whole rise from 153.15 already. Intraday bias is back on the downside. Sustained trading below 55 D EMA (now at 170.30) will target 38.2% retracement of 153.15 to 175.41 at 166.90. On the upside, though, break of 172.91 resistance will revive near term bullishness and bring retest of 175.41 high.
In the bigger picture, medium term outlook will stay bullish as long as 164.29 resistance turned support holds. Long term up trend is still in favor to continue through 175.41 at a later stage. However, firm break of 164.29 will be a strong sign of bearish trend reversal.
 will target 38.2% retracement of 153.15 to 175.41 at 166.90. On the upside, though, break of 172.91 resistance will revive near term bullishness and bring retest of 175.41 high.){kind=link}