Daily Pivots: (S1) 134.89; (P) 135.53; (R1) 136.26; More….
Intraday bias in EUR/JPY is turned neutral with current recovery. In case of another fall, downside should be contained by 38.2% retracement of 124.37 to 139.99 at 134.02 to bring rebound. On the upside, above 137.52 minor resistance will bring retest of 139.99 resistance first. However, firm break of 134.02 will bring deeper decline to 61.8% retracement at 130.33.
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.
