Daily Pivots: (S1) 136.58; (P) 136.80; (R1) 137.15; More….
EUR/JPY’s up trend resumes by taking out 137.50 resistance and intraday bias is back on the upside. Next target is 144.06 projection level. On the downside, below 136.42 minor support will turn intraday bias neutral and bring consolidations first. But downside of retreat should be contained above 134.33 support to bring rally resumption.
In the bigger picture, up trend from 114.42 (2020 low) is in progress. Sustained break of 137.49 (2018 high) will resume larger pattern from 109.30 (2016 low). Next target will be 100% projection of 114.42 to 134.11 from 124.37 at 144.06. In any case, outlook will now remain bullish as long as 124.37 support holds, in case of deep pull back.
