Day by day Pivots: (S1) 162.64; (P) 163.32; (R1) 164.61; Extra…
EUR/JPY’s long run up pattern resumed by breaking by way of 164.29 resistance. Intraday bias stays on the upside. Subsequent close to time period goal shall be 61.8% projection of 153.15 to 163.70 from 160.20 at 166.71. On the draw back, Under 163.81 minor assist will flip intraday bias impartial and convey consolidations first, earlier than staging one other rally.
Within the greater image, present rally is a part of the up pattern from 114.42 (2020 low), which remains to be in progress. Subsequent goal is 169.96 (2008 excessive). Break of 160.20 assist is required to be the primary signal of medium time period topping. In any other case, outlook will keep bullish in case of retreat.
