Daily Pivots: (S1) 142.80; (P) 143.35; (R1) 143.64; More….
A temporary top should be made at 144.15 and intraday bias in EUR/JPY is turned neutral first. For now, the favored case is that whole corrective fall from 148.38 has completed at 137.37. Break of 144.15 will extend the rebound from 137.37 to 146.71 resistance next. However, sustained trading below 55 day EMA (now at 141.99) will argue that the correction from 148.38 is still in progress and target 137.37 low 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.
