Daily Pivots: (S1) 122.41; (P) 122.64; (R1) 122.96; More…

Upside momentum in EUR/JPY is a but unconvincing as seen in 4 hour MACD. But further rally is still expected with 120.60 support holds. As noted before, the correction from 124.08 should have completed with three waves down to 114.84 already. Firm break of 122.88 resistance will extend larger rise from 109.20 through 124.08 high. On the downside, break of 120.60 will indicate short term topping and bring deeper pull back, possibly to 55 day EMA (now at 119.71).

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.

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