Daily Pivots: (S1) 161.98; (P) 162.60; (R1) 163.57; More…
EUR/JPY breach of 162.88 minor resistance argues that corrective pull back from 164.89 has completed at 159.74. Intraday bias is back on the upside for 164.89 resistance. Firm break there will resume the rise from 156.16, as another leg of the corrective pattern from 154.40. On the downside, below 160.94 minor support will turn intraday bias back to the downside.
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.
