Daily Pivots: (S1) 140.75; (P) 141.61; (R1) 142.46; More….
Intraday bias in EUR/JPY is turned neutral with today’s recovery. But further decline is expected as long as 146.12 resistance holds. Break of 140.75 will resume the fall from 148.38 to 100% projection of 148.38 to 142.54 from 146.12 at 140.28. Firm break there could prompt downside acceleration to 161.8% projection at 136.67 next.
In the bigger picture, considering bearish divergence condition in weekly MACD, 148.38 could be a medium term top already. Fall from there is probably correcting whole up trend from 114.42 (2020 low). Deeper decline would be seen to 55 week EMA (now at 137.37), or further to 38.2% retracement of 114.42 to 148.38 at 135.40 before completion.
