Daily Pivots: (S1) 162.13; (P) 162.63; (R1) 163.06; More…
Intraday bias in EUR/JPY remains 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, to 166.67 resistance next. On the downside, below 161.90 minor support will turn intraday bias neutral again first.
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.
