Daily Pivots: (S1) 146.94; (P) 148.07; (R1) 149.02; More….
EUR/JPY’s retreat from 151.60 extended lower but it’s holding above 146.85 support. Intraday bias remains neutral and outlook stays bullish. On the upside, break of 151.60 will resume larger up trend to 153.64 projection level. Nevertheless, firm break of 146.85 will confirm short term topping and turn bias to the downside for deeper pull back.
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.
