Daily Pivots: (S1) 125.17; (P) 125.45; (R1) 125.95; More….
EUR/JPY surges to as high as 126.23 so far today as rise from 123.65 resumed. The development revived that case that corrective fall from 127.50 has completed at 123.65 already. Intraday bias is back on the upside for 126.78/127.50 resistance zone. Decisive break there will resume whole rise from 118.62 spike low. On the downside, below 125.61 minor support will turn intraday bias neutral first. But further rally will remain in favor as long as 124.78 support holds.
In the bigger picture, EUR/JPY is staying well inside medium term falling channel from 137.49 (2018 high). It’s also held below 55 week EMA (now at 127.53). Thus, down trend from 137.49 might still extend lower. Break of 118.62 will target 109.03/114.84 long term support zone. On the upside, however, break of 127.50 will solidify the case of medium term bullish reversal. Rise from 118.76 should extend to 133.12 key resistance instead.
