Daily Pivots: (S1) 123.36; (P) 123.89; (R1) 124.25; More…..
Intraday bias in EUR/JPY remains on the upside for the moment. Rise form 114.42 is in progress and should target. On the downside, break of 121.84 support is needed to indicate short term topping. Otherwise, outlook will remain bullish in case of retreat.
In the bigger picture, the firm break of 122.87 resistance suggests that whole down trend from 137.49 (2018 high) has completed at 114.42. Current rally should now target 61.8% retracement of 137.49 to 114.42 at 128.67 next. Sustained break there will pave the way to 137.59 (2018 high). This will remain the preferred case for now, as long as 55 day EMA (now at 118.45) holds.
