Daily Pivots: (S1) 146.15; (P) 146.88; (R1) 147.61; More….
Intraday bias in EUR/JPY remains on the downside at this point. Fall from 151.60 short term top would target 61.8% retracement of 139.05 to 151.60 at 143.84. But strong support should emerge above 139.05 to complete the correction and bring rebound. On the upside, break of 149.25 minor resistance will turn bias back to the upside for retesting 151.60 high.
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 139.05 at 154.14. Sustained break there will pave the way to 100% projection at 162.82. For now, medium term outlook will remain bullish as long as 139.05 support holds, even in case of deep pull back.
