Daily Pivots: (S1) 138.74; (P) 141.86; (R1) 144.23; More….
Intraday bias in EUR/JPY remains on the downside for the moment. Fall from 145.55 is seen as the third leg of the whole correction from 148.38 high. Deeper decline would be seen to for retesting 137.37 low, and then 135.40 fibonacci level. On the upside, above 142.14 minor resistance will turn intraday bias neutral first, and could bring recovery. But near term risk will remain on the downside as long as 4 hour 55 EMA (now at 143.47) holds
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.
