EUR/JPY Daily Analysis
Currently, the intraday bias for EUR/JPY remains neutral and consolidation from 145.55 may continue. However, there is an expectation of further rally as long as the support at 142.13 remains intact. It is noted that the corrective fall from 148.38 has already completed at 137.37. If there is a break of 145.55, then the rise from 137.37 will resume with a focus on the resistance levels of 146.71 and 148.38.
In the bigger picture, as long as the 55 week EMA (now at 139.54) holds, the larger uptrend from 114.42 (2020 low) is still ongoing with a target of 149.76 long-term resistance. However, a firm break of the 55 week EMA will result in a deeper fall to the 38.2% retracement of 114.42 to 148.38 at 135.40. A sustained break at this level will increase the possibility of a trend reversal, and the target will be the 61.8% retracement at 127.39.
