Daily Pivots: (S1) 118.95; (P) 119.31; (R1) 119.66; More….

EUR/JPY is staying in tight range below 120.01 and intraday bias remains neutral first. With 117.55 minor support intact, further rise is in favor. Break of 120.10 will target 61.8% retracement of 123.35 to 115.86 at 120.48 next. Sustained break will target 123.35 key resistance. On the downside, break of 117.55 will turn bias back to the downside for retesting 115.86.

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In the bigger picture, as long as 120.78 support turned resistance holds, down trend from 137.49 (2018 high) should still be in progress. Break of 115.86 will target 109.48 (2016 low) and below. However, sustained break of 120.78 will be the first indication of medium term reversal. Further rise would then be seen to 127.50 resistance for confirmation.

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