Daily Pivots: (S1) 145.20; (P) 145.58; (R1) 146.29; More….
Intraday bias in EUR/JPY is back on the upside with break of 145.66 resistance. Rise from 137.37 is resuming and further rally should be seen back to retest 148.38 high. Meanwhile, break of 144.99 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 139.78) 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.
