Daily Pivots: (S1) 125.70; (P) 126.03; (R1) 126.52; More….
EUR/JPY’s solid break of 126.30 suggests resumption of rise from 118.62. Also, with 55 day EMA now firmly taken out, further rise should be seen to 129.25 resistance next. Decisive break there will target 133.12 key resistance. On the downside, below 125.89 minor support will turn intraday bias neutral first. But near term outlook will remain cautiously bullish as long as 124.23 support hoods.
In the bigger picture, current development argues that medium term decline from 137.49 (2018 high) has completed at 118.62 already. Decisive break of 133.12 resistance will confirm this bullish case. And whole up trend from 109.03 (2016 low) might resume through 137.49 in that case. On the downside, break of 124.23 support will invalidate this case and turn focus back to 118.62 instead.