Daily Pivots: (S1) 129.43; (P) 130.01; (R1) 130.35; More….
Intraday bias in EUR/JPY stays on the downside as fall from 133.44 is still in progress. Deeper decline would be seen for 127.91 key support. On the upside, however, break of 131.40 minor resistance will turn bias back to the upside for stronger rebound, probably back to retest 133.44 high.
In the bigger picture, rise from 114.42 (2020 low) is still in progress and the strong support support from 55 week EMA affirms medium term bullishness. Further rise would be seen to retest 137.49 (2018 high). Decisive break there will resume the whole long term rise from 109.03 (2016 low). Next target will be 100% projection of 109.03 to 137.49 from 114.42 at 142.88. This will now remain the favored case as long as 127.91 support holds.
