Daily Pivots: (S1) 163.56; (P) 163.95; (R1) 164.64; More….
EUR/JPY turned sideway after drawing support from 55 D EMA (now at 163.34), and intraday bias is turned neutral first. On the downside, sustained trading below 55 D EMA will argue that whole corrective rise from 154.40 has completed with three waves up to 166.67. Deeper decline should then be seen back to 154.40/155.14 support zone. On the upside, break of 166.67 will target 61.8% retracement of 175.41 to 154.40 at 167.38 instead.
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.
, and intraday bias is turned neutral first. On the downside, sustained trading below 55 D EMA will argue that whole corrective rise from 154.40 has completed with three waves up to 166.67. Deeper decline should then be seen back to 154.40/155.14 support zone. On the upside, break of 166.67 will target 61.8% retracement of 175.41 to 154.40 at 167.38 instead.){kind=link}