EUR/JPY Daily Analysis
Intraday bias in EUR/JPY is turned neutral first as it retreated after failing to sustain above 148.38 resistance. On the upside, decisive break of 148.38 will resume larger up trend, and next target will be 149.76 long term resistance. However, sustained trading below 146.39 will indicate rejection by 148.38, and bring deeper fall to extend the corrective pattern from there.
In the bigger picture, as long as 55 W EMA (now at 140.70) holds, larger up trend from 114.42 (2020 low) is still in progress for 149.76 long term resistance (2014 high). Decisive break there will resume long term up trend from 94.11 (2012 low). Next target is 61.8% projection of 124.37 to 148.38 from 138.81 at 153.64.
