Daily Pivots: (S1) 159.20; (P) 160.15; (R1) 161.07; More….
Intraday bias in EUR/JPY remains neutral and some consolidations could be seen below 161.17 temporary top. But further rally is expected as long as 155.14 support holds. Above 161.17 will resume the rise from 155.14, as the third leg of the corrective pattern from 154.40, to 163.86 resistance. Break there will target 61.8% retracement of 175.41 to 154.40 at 167.38.
In the bigger picture, price actions from 175.41 are seen as correction to rally from 114.42 (2020 low). The range of consolidation should have been set between 38.2% retracement of 114.42 to 175.41 at 152.11 and 175.41 high. However, decisive break of 152.11 would argue that deeper correction is underway.
