Daily Pivots: (S1) 137.70; (P) 139.70; (R1) 141.15; More….
Intraday bias in EUR/JPY is back on the downside with break of 138.00. Further break of 137.37 will resume whole decline from 148.48. Next target is 135.40 fibonacci level. In any case, outlook will stay mildly bearish as long as 142.84 resistance holds.
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.