Daily Pivots: (S1) 134.89; (P) 135.53; (R1) 136.26; More….
EUR/JPY’s break of 137.52 minor resistance argues that pull back from 139.99 has completed at 134.76 already. Intraday bias is back on the upside for retesting 139.99 high first. Firm break there will resume larger up trend. In the downside, 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.
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.
