Daily Pivots: (S1) 130.57; (P) 131.72; (R1) 132.42; More….
EUR/JPY’s fall from 134.11 continues today and intraday bias stays on the downside for 38.2% retracement of 121.63 to 134.11 at 129.34. It’s seen as a correction to rise from 121.63 for now. Hence, we’d expect strong support from 129.34 to contain downside and bring rebound. On the upside, above 131.41 minor resistance will turn intraday bias neutral first.
In the bigger picture, rise from 114.42 is seen as a medium term rising leg inside a long term sideway pattern. Next target is 137.49 (2018 high). Decisive break there will open up the possibility that it’s indeed resuming the up trend from 94.11 (2012 low). For now, outlook will stay bullish as long as 127.07 resistance turned support holds, in case of pull back.
