Daily Pivots: (S1) 138.26; (P) 139.48; (R1) 140.17; More….
Intraday bias in EUR/JPY stays mildly on the downside at this point. Corrective pattern from 144.23 is extending with another falling leg. Deeper decline would be seen to 136.85 support. On the upside, above 140.68 minor resistance will turn bias back to the upside for 142.31 resistance 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. Next target is 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.
