Daily Pivots: (S1) 126.88; (P) 127.37; (R1) 128.27; More…
EUR/JPY’s rally resumed after brief retreat and hits as high as 128.13 so far. Intraday bias is back on the upside. Current rise from 114.84 is expected to target 61.8% projection of 114.84 to 125.80 from 122.39 at 129.16 first next. That’s also close to medium term projection level at 129.89. On the downside, below 126.47 minor support will turn bias neutral and bring consolidations before staging another rally.
In the bigger picture, the break of 126.09 support turned resistance should have confirmed completion of down trend form 149.76 (2014 high), at 109.03 (2016 low). Current rise from 109.03 should target 100% projection of 109.03 to 124.08 from 114.84 at 129.89 first. Break there will pave the way to 61.8% retracement of 149.76 to 109.03 at 134.20 and above. Medium term outlook will now remain bullish as long as 122.39 support holds.
