Each day Pivots: (S1) 167.37; (P) 168.38; (R1) 170.30; Extra…
EUR/JPY’s steep retreat signifies brief time period topping at 171.58 already. Intraday bias is turned impartial for some consolidations first. However outlook will stay bullish so long as 165.33 resistance turned assist holds. Above 171.58 will resume bigger up pattern to 178.39 projection stage subsequent.
Within the greater image, present rally is a part of the up pattern from 114.42 (2020 low), which continues to be in progress. Decisive break of 169.96 (2008 excessive) will pave the way in which to 100% projection of 139.05 to 164.29 from 153.15 at 178.39. On the draw back, break of 162.26 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.
