Daily Pivots: (S1) 138.78; (P) 139.59; (R1) 141.12; More….
EUR/JPY’s consolidation from 1 37.32 is still in progress and intraday bias stays neutral. On the downside, break of 137.32 will resume the decline from 145.62 to 133.38 key support next. On the upside, though, break of 142.28 will turn bias back to the upside for retesting 145.62 high.
In the bigger picture, as long as 133.38 support holds, the up trend from 114.42 (2020 low) could still extend through 145.62 high. In that case, next target 149.76 (2015 high). However, sustained break of 133.38 will be a sign of medium term bearish reversal and bring deeper fall to 124.37 support first.