Daily Pivots: (S1) 160.12; (P) 160.89; (R1) 161.93; More….
EUR/JPY’s rally resumed after brief consolidations and intraday bias is back on the upside. Rise from 155.14, as the third leg of the corrective pattern from 154.40, should target 163.86 resistance. Break there will target 61.8% retracement of 175.41 to 154.40 at 167.38. On the downside, below 159.03 minor support will turn intraday bias neutral again.
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.
