Daily Pivots: (S1) 162.26; (P) 163.58; (R1) 164.39; More…
Intraday bias in EUR/JPY is turned neutral first with current retreat. Some consolidations would be seen, but another rise is mildly in favor as long as 159.79 support holds. Rise from 156.16 is seen as another rising leg in the corrective pattern from 154.04. Above 164.89 will target 166.67 resistance next.
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.
