Daily Pivots: (S1) 138.98; (P) 139.72; (R1) 140.16; More….
EUR/JPY’s decline from 148.38 resumed by breaking through 138.79 support and intraday bias is back on the downside. Next target is 135.40 fibonacci level. On the upside, above 140.00 minor resistance will turn intraday bias neutral first. But further decline will be expected as long as 142.92 resistance holds, in case of recovery.
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. Sustained break there will raise the chance of trend reversal, and target 61.8% retracement at 127.39.