Daily Pivots: (S1) 137.31; (P) 138.40; (R1) 139.53; More….
EUR/JPY’s fall from 144.26 extends lower and intraday bias remains on the downside. Sustained break of 137.83 support will raise the chance of rejection by 144.06 long term projection level and target 132.63 support. On the upside, above 139.78 minor resistance will turn intraday bias neutral first.
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). Sustained trading above 100% projection of 114.42 to 134.11 from 124.37 at 144.06 will indicate upside acceleration and target 149.76 long term resistance (2014 high). In any case, outlook will remain bullish as long as 132.63 support holds, in case of deep pull back.
