Daily Pivots: (S1) 136.10; (P) 137.03; (R1) 137.97; More….
EUR/JPY is trying to resume the rebound from 133.38 by breaking 137.93 minor resistance. Intraday bias is mildly on the upside. Firm break of 138.38 will confirm and target 142.31 resistance next. On the downside, break of 134.93 will turn bias back to the downside for 133.38 support. Overall, corrective pattern from 144.26 could extend further with more choppy trading.
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.
