Daily Pivots: (S1) 139.03; (P) 139.46; (R1) 140.17; More….
EUR/JPY’s break of 139.78 minor resistance suggests that pull from1 44.26 has completed at 136.85 already, so has the consolidation pattern from 144.23. Intraday bias is back on the upside for retesting 144.26 resistance first. Firm break there will resume larger up trend. On the downside, below 138.54 minor support will dampen this bullish view and bring retest of 136.85 instead.
In the bigger picture, up trend from 114.42 (2020 low) is seen as the third leg of the pattern from 109.30 (2016 low). Further rally is in favor as long as 134.11 resistance turned support holds, even in case of deep pull back. Firm break of 139.78 will target 149.76 (2015 high. However, sustained break of 134.11 will be a sign of medium term bearish reversal and turn focus to 124.37 support for confirmation.
