Daily Pivots: (S1) 141.12; (P) 141.95; (R1) 143.49; More….
EUR/JPY’s rebound from 138.81 extended higher and the break of 4 hour 55 EMA (now at 142.33) mixes up the near term outlook. Intraday bias stays neutral first. On the downside, break of 138.81 will resume the fall from 145.55 to retest 137.37 low. However, break of 145.55 will resume the rebound from 137.37 low instead.
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.
 mixes up the near term outlook. Intraday bias stays neutral first. On the downside, break of 138.81 will resume the fall from 145.55 to retest 137.37 low. However, break of 145.55 will resume the rebound from 137.37 low instead.){kind=link}