Daily Pivots: (S1) 127.39; (P) 128.22; (R1) 128.86; More….
EUR/JPY’s rebound from 124.37 resumed by breaking 129.01 temporary top. Intraday bias is back on the upside. Sustained trading above 55 day EMA (now at 129.30) will argue that correction from 134.11 has completed, and bring stronger rally to retest this high. On the downside, though, below 127.40 minor support will turn bias back to the downside for 124.37 support instead.
In the bigger picture, outlook is neutral at best for now until there is clear sign of up trend resumption. Corrective pattern from 134.11 could still extend further, sideway or downward. Break of 124.37 will target 61.8% retracement of 114.42 to 134.11 at 121.94.
