Day by day Pivots: (S1) 163.54; (P) 163.88; (R1) 164.43; Extra…
EUR/JPY is staying in consolidation from 165.33 and intraday bias stays impartial. Draw back of present retreat must be contained by 55 4H EMA (now at 163.41) to deliver rebound. On the upside, break of 165.33 will resume bigger up development to 61.8% projection of 153.15 to 163.70 from 160.20 at 166.71. Nevertheless, sustained break of 55 4H EMA will flip bias to the draw back for deeper fall to 160.20 assist as an alternative.
Within the greater image, present rally is a part of the up development 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.
