Daily Pivots: (S1) 130.98; (P) 131.23; (R1) 131.56; More….
EUR/JPY rises further to as high as 131.67 so far today and intraday bias remains on the upside. As noted before, corrective pattern from 134.11 could have already completed at 127.91. Further rally should be seen to retest 134.11 high. On the downside, below 130.73 minor support will turn intraday bias neutral and bring consolidation first, before staging another rally.
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.
