Daily Pivots: (S1) 162.88; (P) 163.72; (R1) 164.22; More…
EUR/JPY retreated ahead of 164.89 resistance and intraday bias is turned neutral for now. Outlook is unchanged that corrective pattern from 154.40 is extending. Break of 164.89 will target 166.67, and above. This will remain the favored case as long as 160.89 support holds.
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.
