Daily Pivots: (S1) 143.88; (P) 144.22; (R1) 144.86; More….
EUR/JPY’s rebound from 137.37 resumed by breaking through 144.15 resistance. Intraday bias is back on the upside. As noted before, corrective fall from 148.38 has completed at 137.37 already. Further rise should be seen to 146.71 resistance and then 148.38 high. For now, outlook will stay cautiously bullish as long as 142.13 support holds, in case of retreat.
In the bigger picture, as long as 55 week EMA (now at 139.21) holds, larger up trend from 114.42 (2020 low) is still in progress for 149.76 long term resistance. However, firm break of 55 week EMA will bring deeper fall to 38.2% retracement of 114.42 to 148.38 at 135.40. Sustained break there will raise the chance of trend reversal, and target 61.8% retracement at 127.39.
