Daily Pivots: (S1) 144.39; (P) 144.88; (R1) 145.79; More….
EUR/JPY’s rally resumed after brief retreat and intraday bias is back on the upside. Corrective fall from 148.38 has completed at 137.37 already. Rise from there should target 146.71 resistance and then 148.38 high. On the downside, below 143.86 will turn intraday bias neutral again. But outlook will stay cautiously bullish as long as 142.13 support holds.
In the bigger picture, as long as 55 week EMA (now at 139.42) 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.
