Daily Pivots: (S1) 157.34; (P) 157.91; (R1) 158.49; More.
EUR/JPY remains firm today and edges further higher to 158.72 so far. At this point, intraday bias remains on the upside as long as 157.32 minor support holds. As discussed before, whole rebound from 152.11 could still be in progress. Break of 159.46 will confirm this case and bring further rise to 100% projection of 152.11 to 159.46 from 154.05 at 161.40. Below 175.32 will turn intraday outlook consolidative first. But break of 155.79 is needed to indicate rise from 154.05 has completed. Otherwise, further rally is still in favor.
In the bigger picture, EUR/JPY has turned into sideway consolidation after medium term up trend was limited at 168.93. It's still early to conclude whether such consolidation has completed. On the one hand, sustained break of 168.93 high is needed to confirm that the medium term up trend has resumed. Otherwise, another fall could still be seen before completing the consolidation. On the other hand, below 152.11 will suggest that fall from 167.72 is still in progress to retest 149.27 low before completion.
EUR/JPY remains firm today and edges further higher to 158.72 so far. At this point, intraday bias remains on the upside as long as 157.32 minor support holds. As discussed before, whole rebound from 152.11 could still be in progress. Break of 159.46 will confirm this case and bring further rise to 100% projection of 152.11 to 159.46 from 154.05 at 161.40. Below 175.32 will turn intraday outlook consolidative first. But break of 155.79 is needed to indicate rise from 154.05 has completed. Otherwise, further rally is still in favor.
In the bigger picture, EUR/JPY has turned into sideway consolidation after medium term up trend was limited at 168.93. It's still early to conclude whether such consolidation has completed. On the one hand, sustained break of 168.93 high is needed to confirm that the medium term up trend has resumed. Otherwise, another fall could still be seen before completing the consolidation. On the other hand, below 152.11 will suggest that fall from 167.72 is still in progress to retest 149.27 low before completion.
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