Daily Pivots: (S1) 143.20; (P) 143.84; (R1) 144.50; More….
EUR/JPY’s break of the near term channel resistance suggests that correction from 148.38 has completed at 140.75. Intraday bias is back on the upside for 146.12 resistance first. Firm break there will bring retest of 148.38 high. On the downside, however, break of 143.16 minor resistance will dampen this bullish case and turn intraday bias neutral again.
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 138.08), or further to 38.2% retracement of 114.42 to 148.38 at 135.40 before completion.
