Daily Pivots: (S1) 131.38; (P) 131.69; (R1) 131.93; More….
EUR/JPY is losing upside momentum as seen in 4 hour MACD. But further rise is expected as long as 129.90 minor support holds. Rebound from 124.61 should target 100% projection of 124.61 to 130.33 from 127.13 at 132.85 next. However, break of 129.90 will indicate short term topping and turn bias back to the downside for 127.13 support.
In the bigger picture, the strong break of channel resistance from 137.49 suggests that the decline from there as completed. The three wave structure suggests that it’s a correction. With 124.08 key resistance turned support intact, medium term bullishness is also retained. Break of 133.47 will affirm this bullish case and target 137.49 and above. This will now be the favored case as long as 127.13 support holds.
