Daily Pivots: (S1) 138.96; (P) 139.30; (R1) 139.91; More….
EUR/JPY’s rise from 133.38 resumed after brief consolidations. Intraday bias is back on the upside for 142.31 resistance first. Firm break there will argue that larger up trend is ready to resume through 144.26 high. For now, further rally is expected as long as 138.68 support holds, in case of retreat.
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.
