Daily Pivots: (S1) 141.31; (P) 141.69; (R1) 142.38; More….
Intraday bias in EUR/JPY remains on the upside. Firm break of 61.8% projection of 124.37 to 139.99 from 132.63 at 142.28 will extend the current up trend to 100% projection at 148.25 next. On the downside, below 139.82 minor support will turn intraday bias neutral and bring consolidations first, before staging another rally.
In the bigger picture, up trend from 114.42 (2020 low) is in progress. Such rise is seen as the third leg of the pattern from 109.30 (2016 low). Next target will be 100% projection of 114.42 to 134.11 from 124.37 at 144.06. Firm break there will indicate upside acceleration and target 149.76 long term resistance (2014 high). In any case, outlook will now remain bullish as long as 132.63 support holds, in case of deep pull back.
