Daily Pivots: (S1) 162.36; (P) 162.90; (R1) 163.42; More…
EUR/JPY is staying in consolidation below 164.89 and intraday bias remains neutral. Rise from 156.16, as a leg in the corrective pattern from 154.40, should continue as long as 160.89 support holds. On the upside, break of 164.89 will target 166.67, and above. However, firm break of 160.89 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.
