Daily Pivots: (S1) 150.32; (P) 150.64; (R1) 151.25; More….
EUR/JPY’s rally continues today and hits as high as 151.40 so far. Intraday bias stays on the upside and current up trend should now target 153.64 projection level. On the downside, below 149.87 minor support will turn intraday bias neutral and bring consolidations first, before staging another rally.
In the bigger picture, current development indicates that rise from 114.42 (2020 low) is in progress. Next target is 61.8% projection of 124.37 to 148.38 from 138.81 at 153.64. Sustained break there will pave the way to 100% projection at 162.82. For now, medium term outlook will remain bullish as long as 138.81 support holds, even in case of deep pull back.
