The daily pivots for EUR/JPY are as follows: Support 1 (S1) at 169.36, Pivot (P) at 169.65, and Resistance 1 (R1) at 169.97. Despite a loss of upside momentum, there is a slight preference for further upward movement in EUR/JPY. The current rise from 164.01 is considered the second leg of a corrective pattern from 171.58, with a potential target at 170.62, which is the 61.8% projection of the move from 164.01 to 169.38 from 167.31.
If the minor support at 169.05 is broken, the intraday bias will become neutral initially. A further break below 167.31 could shift the bias back to the downside, initiating the third leg of the correction towards 164.01.
In a broader context, there is a possibility of a medium-term top forming at 171.58 following a brief breach of the 169.96 level (which was the 2008 high). As long as the 55-week Exponential Moving Average (EMA) holds at 158.70, the decline from the top is viewed as a correction of the rise from 153.15. However, a sustained break of the 55-week EMA would suggest that a larger correction is underway, targeting the 153.15 support level.