Daily Pivots: (S1) 166.19; (P) 167.10; (R1) 167.87; More…
Intraday bias in EUR/JPY stays neutral for consolidations above 164.81 temporary low. Outlook will remain bearish as long as 169.98 resistance holds. On the downside, decisive break of 164.29 support turned resistance will indicate that larger scale correction is underway for 155.91 fibonacci level.
In the bigger picture, immediate focus is on 164.29 resistance turned support. Strong rebound from there will retain medium term bullishness for resuming the up trend through 175.41 at a later stage. However, decisive break of 164.29 will indicate that fall from 175.41 is at least correcting the rise from 124.73, with risk of bearish trend reversal. Deeper decline would be seen to 38.2% retracement of 124.37 to 175.41 at 155.91.
