Daily Pivots: (S1) 159.75; (P) 160.78; (R1) 161.36; More…
EUR/JPY’s fall from 164.07 is in progress and intraday bias stays neutral. Firm break of 159.74 will target 156.16 support next. On the upside, above 161.82 minor resistance will turn intraday bias neutral again. Overall, price actions from 154.40 are seen as a corrective pattern, which might still extend further.
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.
