Daily Pivots: (S1) 135.43; (P) 136.38; (R1) 137.21; More….
EUR/JPY’s decline continues today and intraday bias stays on the downside for 100% projection of 144.26 to 136.85 from 142.31 at 134.90, and possibly below. Strong support should be seen from 134.11 to complete the correction from 144.26. On the upside, above 137.31 minor resistance will turn intraday bias neutral first. However, sustained break of 134.11 will carry larger bearish implications and target 161.8% projection at 130.32.
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.
