Daily Pivots: (S1) 140.09; (P) 140.92; (R1) 142.27; More….
EUR/JPY’s rally accelerates today and break of 142.31 suggests that larger up trend is ready to resume. Intraday bias stays on the upside for 144.26 high first. Decisive break there will confirm this bullish case and target 61.8% projection of 124.37 to 144.26 from 133.38 at 145.67. On the downside, below 140.63 minor support will delay the bullish case and turn intraday 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. 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.
