Daily Pivots: (S1) 140.15; (P) 141.04; (R1) 141.65; More….
EUR/JPY’s rally resumes after brief retreat and intraday bias stays on the upside. As noted before, consolidation pattern from 144.23 should have completed with three waves to 136.85. Further rally should be seen to retest 144.26 resistance first. Firm break there will resume larger up trend. Next target is 100% projection of 132.63 to 144.34 from 136.85 at 148.45. On the downside, below 140.41 minor support will dampen the bullish case and turn bias neutral first.
In the bigger picture, up trend from 114.42 (2020 low) is seen as the third leg of the pattern from 109.30 (2016 low). Further rally is in favor as long as 134.11 resistance turned support holds, even in case of deep pull back. Firm break of 139.78 will target 149.76 (2015 high). However, sustained break of 134.11 will be a sign of medium term bearish reversal and turn focus to 124.37 support for confirmation.
