Daily Pivots: (S1) 161.48; (P) 161.98; (R1) 162.60; More….
Intraday bias is EUR/JPY stays neutral at this point. On the upside, break of 163.47 will resume the rise from 155.14 to 61.8% retracement of 175.41 to 154.40 at 167.38. On the downside, break of 158.09 will bring deeper fall back to 154.40/155.14 support zone.
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.
