Daily Pivots: (S1) 123.35; (P) 123.64; (R1) 123.82; More….

Intraday bias in EUR/JPY remains on the downside at this point. Corrective recovery from 122.37 should have completed at 125.08. Deeper fall would be seen to 38.2% retracement of 114.42 to 127.07 at 122.23. Firm break there will confirm resumption of whole corrective fall from 127.07, and target 61.8% retracement at 119.25, which is close to 119.31 key support. On the upside, though, break of 125.08 will turn bias back to the upside for retesting 127.07 instead.

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In the bigger picture, rise from 114.42 is seen as a medium term rising leg inside a long term sideway pattern. Further rise is expected as long as 119.31 support holds. Break of 127.07 will target 61.8% retracement of 137.49 (2018 high) to 114.42 at 128.67 next. However, firm break of 119.31 will argue that the rise from 114.42 has completed and turn focus back to this low.

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