Daily Pivots: (S1) 138.28; (P) 139.28; (R1) 139.88; More….
EUR/JPY’s fall from 145.62 extended lower today. Break of 138.38 support raises the chance of larger reversal. Intraday bias stays on the downside for 133.38 support next. On the upside, above 140.25 minor resistance will turn intraday bias neutral and bring consolidations first, before staging another decline.
In the bigger picture, as long as 133.38 support holds, the up trend from 114.42 (2020 low) could still extend through 145.62 high. In that case, next target 149.76 (2015 high). However, sustained break of 133.38 will be a sign of medium term bearish reversal and bring deeper fall to 124.37 support first.
