Daily Pivots: (S1) 135.73; (P) 137.54; (R1) 138.69; More….
EUR/JPY’s decline continues today and hits as low as 135.53 so far. Intraday bias remains on the downside for deeper fall to 134.11 medium term support next. At this point, price actions from 144.26 are still viewed as a corrective pattern only. Strong support should be seen above 134.11 to complete the correction. On the upside, above 137.31 minor resistance will turn intraday bias neutral first.
In the bigger picture, up trend from 114.42 (2020 low) is seen as the third leg of the pattern from 109.30 (2016 low). Further rally is in favor as long as 134.11 resistance turned support holds, even in case of deep pull back. Next target is 149.76 (2015 high). However, sustained break of 134.11 will be a sign of medium term bearish reversal and turn focus to 124.37 support for confirmation.
