Daily Pivots: (S1) 122.83; (P) 123.23; (R1) 123.45; More….
EUR/JPY’s break of 123.18 support now suggests that rebound from 121.63 has completed at 125.13, after rejection by 125.08 resistance. Intraday bias is back on the downside for retesting 121.63. Firm break there will resume the pattern from 127.07 with another fall to 119.31 key support level. On the upside, though, break of 123.66 minor resistance will turn bias back to the upside for 125.13 instead.
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.
