Daily Pivots: (S1) 142.92; (P) 143.67; (R1) 144.79; More….
Intraday bias in EUR/JPY stays neutral for the moment. On the upside, firm break of 145.55 resistance will resume the rise from 137.37. That would also revive the case that correction from 148.38 has completed. Bias will be turned back to the upside for retesting 148.38 high. On the downside, however, break of 141.36 will bring another decline to 139.54 support.
In the bigger picture, as long as 55 week EMA (now at 139.54) holds, larger up trend from 114.42 (2020 low) is still in progress for 149.76 long term resistance. However, firm break of 55 week EMA will bring deeper fall to 38.2% retracement of 114.42 to 148.38 at 135.40. Sustained break there will raise the chance of trend reversal, and target 61.8% retracement at 127.39.
