EUR/JPY Daily Analysis
The break of 142.79 resistance for EUR/JPY indicates that the correction from 148.38 has already ended at 137.37. This suggests an upward intraday bias towards the 146.71 resistance level. However, if the price falls below the 141.50 minor support, the bullish outlook will be dampened, and the intraday bias will turn neutral.
Looking at the bigger picture, the larger uptrend from the 2020 low of 114.42 is still ongoing towards the long-term resistance of 149.76, as long as the 55 week EMA (currently at 138.87) remains intact. But if the 55 week EMA is significantly breached, the price may experience a deeper fall towards the 38.2% retracement level of 114.42 to 148.38, which is at 135.40. If it continues to break through that level, there may be a higher likelihood of a trend reversal, and the target may be set at the 61.8% retracement level of 127.39.
