Daily Pivots: (S1) 120.40; (P) 121.14; (R1) 121.69; More…
Intraday bias in EUR/JPY remains neutral for consolidation below 121.97 temporary top. Downside is expected to be contained by 118.91 support and bring another rise. Above 121.97 will target 122.88 resistance first. Break will likely resume the larger rally from 109.20. In such case, EUR/JPY should break through 124.08 to 126.09 key resistance level. However, break of 118.91 will turn focus back to 114.84 instead.
In the bigger picture, price actions from 109.20 is still seen as a corrective move for the moment. But current development suggests that the first leg is finished at 109.20, second leg at 114.84. And rise from 114.84 is possibly developing into the third leg. Further rise will now be in favor through 124.08 resistance. Strong break of 126.09 support turned resistance will confirm completion of whole fall from 149.76 at 109.20. In such case, rise from 109.20 is developing into a medium term move for 141.04 and above.
