Daily Pivots: (S1) 124.14; (P) 124.59; (R1) 124.88; More….
Intraday bias in EUR/JPY is turned neutral with current retreat. But with 123.84 minor support intact, further rise is still in favor. Break of 125.08 will extend the rebound from 122.37 to retest 127.07 high. Decisive break there will resume larger rally from 114.42. On the downside, however, break of 123.84 will turn bias back to the downside for 38.2% retracement of 114.42 to 127.07 at 122.23 instead.
In the bigger picture, rise from 114.42 is seen as a medium term rising leg inside a long term sideway pattern. Further rise is expected as long as 119.31 support holds. Break of 127.07 will target 61.8% retracement of 137.49 (2018 high) to 114.42 at 128.67 next. However, firm break of 119.31 will argue that the rise from 114.42 has completed and turn focus back to this low.
