Daily Pivots: (S1) 167.48; (P) 167.94; (R1) 168.80; More…
EUR/JPY’s rally accelerates further today and intraday bias stays on the upside. Next target is 100% projection of 154.77 to 165.19 from 161.06 at 170.45. On the downside, below 167.96 minor support will turn intraday bias neutral and bring consolidations. But outlook will remain bullish as long as 165.19 resistance turned support holds, in case of retreat.
In the bigger picture, price actions from 175.41 are seen as correction to up trend from 114.42 (2020 low). Strong support should be seen from 38.2% retracement of 114.42 to 175.41 at 152.11 to contain downside. However, sustained break of 152.11 will bring deeper fall even still as a correction.
