Daily Pivots: (S1) 146.68; (P) 147.12; (R1) 147.84; More….
EUR/JPY’s rally resumed by breaking through 147.85 and intraday bias is back on the upside. Decisive break of 148.38 will resume larger up trend to 149.75 long term resistance. For now, outlook will remain bullish as long as 146.39 support holds, in case of retreat.
In the bigger picture, as long as 55 W EMA (now at 140.44) holds, larger up trend from 114.42 (2020 low) is still in progress for 149.76 long term resistance. Decisive break there will resume long term up trend. However, sustained break of 55 W EMA will bring deeper fall to 38.2% retracement of 114.42 to 148.38 at 135.40.
