Daily Pivots: (S1) 161.64; (P) 162.17; (R1) 162.77; More…
Outlook in EUR/JPY is unchanged and intraday bias stays neutral. Corrective pattern from 154.40 could extend. On the upside, break of 164.07 will target 164.89 and above. On the downside, break of 160.94 minor support will bring deeper fall through 159.74 support.
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.
