Daily Pivots: (S1) 121.05; (P) 121.39; (R1) 122.02; More….
EUR/JPY’s rally extends to as high as 122.58 so far. Break of 121.46 resistance confirms resumption of whole rise from 115.86. Intraday bias stays on the upside for 123.35 resistance first. Break will target key channel resistance (now at 124.72). On the downside, break of 121.01 resistance turn support is needed to indicate short term topping. Otherwise, outlook will remain bullish in case of retreat.
In the bigger picture, the rebound from 115.86 medium term bottom is seen as a corrective rise only. In case of another rise, strong resistance should be seen from falling channel resistance (now at 124.72) to limit upside. However, sustained break there will indicate larger bullish reversal and should target 127.50 key resistance next.
