Daily Pivots: (S1) 142.68; (P) 143.06; (R1) 143.77; More….
EUR/JPY’s break of 142.79 resistance argues that whole correction from 148.38 has completed at 137.37 already. Intraday bias is back on the upside for 146.71 resistance next. On the downside, though, below 141.50 minor support will dampen this bullish view, and turn intraday bias neutral again.
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.
