Daily Pivots: (S1) 121.90; (P) 122.19; (R1) 122.71; More….

EUR/JPY’s break of 122.65 resistance suggests resumption of whole rise form 115.86. Intraday bias is back on the upside. Current rise should be seen to medium term channel resistance (now at 124.06). Sustained break there will carry larger bullish implication. On the downside, break of 122.11 minor support will turn intraday bias neutral and bring retreat. But outlook will stay mildly bullish cas long as 120.17 support holds.

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In the bigger picture, EUR/JPY is still staying in the falling channel established since 137.49 (2018 high). Rise from 115.86 is seen as a corrective rise for the moment. Strong resistance could be seen at falling channel resistance to limit upside. However, sustained break of the channel resistance will carry larger bullish implication and target 127.50 key resistance next.

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