EUR/JPY Daily Analysis
Range trading continues in EUR/JPY and intraday bias remains neutral first. On the upside, the break of 138.38 resistance will resume the rebound from 133.38 towards 142.31 resistance. On the downside, the break of 134.93 will turn bias back to the downside for 133.38 support. Overall, the corrective pattern from 144.26 could extend further with more choppy trading.
In the bigger picture, the 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. The next target is 149.76 (2015 high). However, a sustained break of 134.11 will be a sign of medium-term bearish reversal and turn focus to 124.37 support for confirmation.
