Daily Pivots: (S1) 143.04; (P) 143.36; (R1) 143.79; More….
Intraday bias in EUR/JPY stays on the upside despite some loss of momentum. Corrective fall from 148.38 should have completed at 137.37. Further rally should be seen to 146.71 resistance. On the downside, though, below 142.33 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 139.03) 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.
