Daily Pivots: (S1) 141.46; (P) 142.93; (R1) 144.47; More….
EUR/JPY recovered notably after dipping to 141.36 and intraday bias is turned neutral first. Outlook is unchanged that fall from 145.55 is probably developing into the the third leg of the corrective pattern from 148.3. Risk will stay on the downside as long as 145.55 resistance holds. Below 141.36 will target 139.54 support first. Firm break there will target a retest on 137.37 next.
In the bigger picture, as long as 55 week EMA (now at 139.54) 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.
