Daily Pivots: (S1) 129.48; (P) 129.78; (R1) 130.30; More….
EUR/JPY rises to as high as 130.93 so far today. Current development suggests that pull back from 131.97 has completed at 129.10. Intraday bias stays on the upside for 131.97 first. Break there will resume the rebound from 124.61 and target 133.47 key resistance. Break there will confirm near that fall from 137.49 has completed. On the downside, however, below 130.06 minor support will turn focus back to 129.10 instead.
In the bigger picture, for now, medium outlook remains cautiously bullish. the three wave structure of the fall from 137.49 to 124.61 argues that it’s a correction. Also, 124.08 key resistance turned support was defended. Break of 133.47 resistance will affirm the bullish case that rise from 109.03 (2016 low) is still in progress for another high above 137.49. And this will remain the favored case as long as 127.13 support holds.
