Daily Pivots: (S1) 136.67; (P) 137.17; (R1) 138.07; More….
EUR/JPY’s rebound form 132.63 extends higher and intraday bias is now on the upside. Correction from 139.99 should have completed with three waves down to 132.63 already. Break of 138.33 will bring retest of 139.99 high next. On the downside, below 134.97 support will turn bias back to the downside, to extend the corrective pattern from 139.99 with another falling leg.
In the bigger picture, up trend from 114.42 (2020 low) is in progress. Such rise is seen as the third leg of the pattern from 109.30 (2016 low). Next target will be 100% projection of 114.42 to 134.11 from 124.37 at 144.06. In any case, outlook will now remain bullish as long as 124.37 support holds, in case of deep pull back.
