Daily Pivots: (S1) 137.17; (P) 137.55; (R1) 138.02; More….
EUR/JPY’s rebound from 133.38 is still in progress and intraday bias stays on the upside. Sustained trading above 55 day EMA (now at 138.48) will suggest that whole correction from 144.26 has completed. Further rally would then be seen back to retest 144.26 high. However, break of 135.63 will turn bias back to the downside for 133.38 low instead.
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. Next target is 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.