Daily Pivots: (S1) 141.96; (P) 142.45; (R1) 143.39; More….
Immediate focus is now on 142.79 resistance in EUR/JPY. Firm break there will argue that the correction from 148.38 has completed at 137.37 already. Further rise would be seen to 146.71 resistance next. On the downside, break of 139.54 will resume the whole fall from 148.38 through 137.37, to 135.40 fibonacci level.
In the bigger picture, as long as 55 week EMA (now at 138.87) 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.
