EUR/JPY Daily Analysis:
Today’s pivot levels for EUR/JPY are as follows: Support 1 at 164.81, Pivot at 165.40, and Resistance 1 at 166.34. The intraday bias for EUR/JPY remains neutral for now.
If the price manages to break above the 55 4-hour Exponential Moving Average (currently at 166.084), we could see a stronger rebound towards the 168.64 resistance level. On the other hand, a break below 164.01 and sustained trading below the 55-day Exponential Moving Average (now at 164.06) could lead to a continuation of the fall from the recent high of 171.58, potentially targeting the 61.8% retracement level at 160.19.
Looking at the bigger picture, there is a possibility that a medium-term top has been formed at 171.58 following a brief breach of the 2008 high at 169.96. As long as the 55-week Exponential Moving Average holds at 157.82, the current decline is viewed as a correction of the uptrend from the low of 153.15. However, a sustained break below the 55-week EMA could signal a larger correction is underway, with a target at the 153.15 support level.