Daily Pivots: (S1) 138.45; (P) 138.87; (R1) 139.51; More….
Intraday bias in EUR/JPY is turned neutral first as it recovered ahead of 137.37 support. Outlook will stay bearish as long as 142.84 resistance holds. Break of 137.37 will resume whole decline from 148.38 to 135.40 fibonacci level next.
In the bigger picture, as long as 55 week EMA (now at 138.64) 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.
