Daily Pivots: (S1) 160.16; (P) 160.86; (R1) 162.07; More…
Intraday bias in EUR/JPY remains on the upside as rise from 156.16 is in progress. Sideway pattern from 154.40 might still be in progress, and is extending with another rising leg. Sustained break of 55 D EMA (now at 161.68) will pave the way to 166.67 resistance. On the downside, break of 159.09 support will turn bias back to the downside for 156.16 support 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.
 will pave the way to 166.67 resistance. On the downside, break of 159.09 support will turn bias back to the downside for 156.16 support instead.){kind=link}