Daily Pivots: (S1) 139.82; (P) 141.01; (R1) 141.86; More….
Intraday bias in EUR/JPY remains neutral first and consolidation from 139.11 temporary low could extend. Still, outlook is unchanged that fall from 145.55 is the third leg of the whole corrective decline from 148.38. Risk stays on the downside as long as 4 hour 55 EMA (now at 142.55) holds. Below 139.11 will target 137.37 low, and then 135.40 fibonacci level.
In the bigger picture, as long as 55 week EMA (now at 139.54) 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.
