Daily Pivots: (S1) 125.88; (P) 126.33; (R1) 127.02; More….

Intraday bias in EUR/JPY remains on the upside at this point. As correction from 127.50 has completed at 123.65 already, further rise should be seen to 127.50 resistance. Decisive break there will resume whole rise from 118.62 for medium term channel resistance at 129.15 next. On the downside, break of 125.61 resistance turned support will need to indicate completion of the rise. Otherwise, near term outlook will remain cautiously bullish in case of retreat.

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In the bigger picture, there is no confirmation of completion of the down trend from 137.49 (2018 high) yet. In case of an extension, break of 118.62 will target 109.03/114.84 long term support zone. However, break of 127.50 will solidify the case of medium term bullish reversal. Further decisive break medium term channel resistance will affirm reversal and target 133.12 key resistance and above.

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