Daily Pivots: (S1) 141.07; (P) 142.33; (R1) 143.02; More….
EUR/JPY’s decline from 145.62 accelerates lower today but stays above 138.38 support turned resistance. Intraday bias stays neutral first. Larger up trend is still in favor to continue through 145.62 at a later stage. However, firm break of 138.38 will be an early indication of reversal, and target 135.50 support next.
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 133.38 support holds. Next target is 149.76 (2015 high). However, sustained break of 133.38 will be a sign of medium term bearish reversal and turn focus to 124.37 support for confirmation.
