Daily Pivots: (S1) 140.87; (P) 142.04; (R1) 142.91; More….
EUR/JPY’s current downside acceleration argues that rebound from 138.81 has completed at 143.61 already. Intraday bias is back on the downside for 138.81 support first. Break there will suggest that whole corrective pattern from 148.38 is resuming for 137.37 support and below. On the upside, above 141.82 minor resistance will turn intraday bias again.
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.
