Daily Pivots: (S1) 142.32; (P) 142.92; (R1) 143.28; More….
Intraday bias in EUR/JPY remains neutral first. Another rise is in favor. 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 142.00) 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.
