Every day Pivots: (S1) 161.78; (P) 162.08; (R1) 162.61; Extra….
Intraday bias in EUR/JPY stays on the upside at this level. Present rally ought to goal 163.06 projection degree subsequent. Robust resistance might be seen there to restrict upside on first try. On the draw back, beneath 161.34 minor help will flip intraday bias impartial and produce consolidations first, earlier than staging one other rise.
Within the greater image, rise from 114.42 (2020 low) is in progress. Subsequent goal is 100% projection of 124.37 to 148.38 from 139.05 at 163.06. Sustained break there’ll goal 169.96 (2008 excessive). On the draw back, break of 154.32 help is required to be the primary signal of medium time period topping. In any other case, outlook will stay bullish even in case of deep pullback.
