Daily Pivots: (S1) 170.20; (P) 170.93; (R1) 171.79; More…
Range trading continues in EUR/JPY above 169.98 temporary low and intraday bias stays neutral. Further decline is expected as long as 172.91 resistance holds. Below 169.98 will target 38.2% retracement of 153.15 to 175.41 at 166.90, as a correction to whole rise from 153.15. On the upside, though, break of 172.91 resistance will revive near term bullishness and bring retest of 175.41 high.
In the bigger picture, medium term outlook will stay bullish as long as 164.29 resistance turned support holds. Long term up trend is still in favor to continue through 175.41 at a later stage. However, firm break of 164.29 will be a strong sign of bearish trend reversal.
