Every day Pivots: (S1) 161.78; (P) 162.08; (R1) 162.61; Extra….
EUR/JPY’s rally accelerates to as excessive as 163.44 thus far. 163.06 projection is taken out already and there’s no signal of topping. Intraday bias stays on the upside . Subsequent goal is 169.96 long run resistance. On the draw back, under 162.35 minor assist will flip intraday bias impartial and convey consolidations first, earlier than staging one other rally.
Within the larger image, rise from 114.42 (2020 low) is in progress. sustained buying and selling above 100% projection of 124.37 to 148.38 from 139.05 at 163.06 will goal 169.96 (2008 excessive). On the draw back, break of 159.75 resistance turned assist 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.
