Daily Pivots: (S1) 137.77; (P) 138.70; (R1) 139.19; More….
EUR/JPY rebounded strongly today but stays below 142.84 resistance. Intraday bias remains neutral first. On the downside, break of 138.00 support should resume whole decline from 148.38 to 135.40 fibonacci level next. however, firm break of 142.84 will argue that the correction from 148.38 has completed, and bring stronger rise back to 146.71 resistance.
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.