Daily Pivots: (S1) 160.82; (P) 162.00; (R1) 162.80; More…
EUR/JPY’s break of 160.89 support argues that rebound from 156.16 has completed at 164.89 already. Intraday bias is back on the downside for 156.16 support first. Firm break there will argue that corrective pattern from 154.40 has completed, and fall from 175.41 is ready to resume. For now, risk will stay on the downside as long as 164.53 resistance holds, in case of recovery.
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.
