Daily Pivots: (S1) 139.81; (P) 140.29; (R1) 140.91; More….
Intraday bias in EUR/JPY is turned neutral for consolidation above 138.79 temporary low. But further decline will remain in favor as long as 141.60 minor resistance holds. Firm break of 100% projection of 148.38 to 140.75 from 146.71 at 139.08 will pave the way to 161.8% projection at 134.36. However, break of 141.60 will bring stronger rebound instead.
In the bigger picture, as long as 55 week EMA (now at 138.54) holds, larger up trend from 114.42 (2020 low) is still in progress for 149.76 long term resistance. However, firm break of 55 week EMA will bring deeper fall to 38.2% retracement of 114.42 to 148.38 at 135.40 before completing the correction from 148.38.
