Daily Pivots: (S1) 120.79; (P) 121.39; (R1) 122.09; More…
No change in EUR/JPY’s outlook as further rise is expected as long as 118.91 support holds. As noted before, correction from 124.08 should have completed with three waves down to 114.84. Break of 122.88 resistance will extend larger rise from 109.20 through 124.08 high. On the downside, however, break of 118.91 will turn focus back to 114.84 instead.
In the bigger picture, focus is back on 126.09 support turned resistance. Decisive break there will confirm completion of the down trend from 149.76. And in such case, rise from 109.20 is at the same degree and should target 141.04 resistance and above. Meanwhile, rejection from 126.09 and break of 114.84 will extend the fall from 149.76 through 109.20 low.
