Daily Pivots: (S1) 129.26; (P) 129.59; (R1) 130.23; More….
Immediate focus is now on 130.45 resistance in EUR/JPY. Decisive break there will indicate that corrective pattern from 134.11 has completed already. Further rise would be seen back to retest 134.11 high. However, rejection by 130.45 will keep near term outlook neutral, and maintain risk of another fall through 127.91 support.
In the bigger picture, rise from 114.42 is seen as a medium term rising leg inside a long term sideway pattern. As long as 127.07 resistance turned support holds, further rise is still expected to retest 137.49 (2018 high). However, firm break of 127.07 will argue that the medium term trend has reversed, deeper fall would be seen to 61.8% retracement of 114.42 to 134.11 at 121.94.
