Daily Pivots: (S1) 143.55; (P) 144.32; (R1) 145.48; More….
EUR/JPY’s breach of 145.55 resistance suggests that whole rebound from1 37.37 is resuming. Intraday bias stays on the upside, and further rally would be seen to retest 148.38 high. On the downside, however, below 143.12 minor support will mix up the outlook again and turn intraday bias neutral.
In the bigger picture, as long as 55 week EMA (now at 139.58) holds, larger up trend from 114.42 (2020 low) is still in progress for 149.76 long term resistance. However, sustained break of 55 week EMA will bring deeper fall to 38.2% retracement of 114.42 to 148.38 at 135.40. Decisive break there will raise the chance of trend reversal, and target 61.8% retracement at 127.39.
