Daily Pivots: (S1) 124.90; (P) 125.43; (R1) 126.43; More….
EUR/JPY’s rebound from 121.63 resumed by taking out 125.13 resistance firmly. The development also revive the case that correction from 127.07 has completed. Intraday bias stays on the upside for retesting 127.07. Break there will resume whole rise from 114.42 to 128.67 fibonacci level next. On the downside, below 125.12 minor support will turn intraday bias neutral first.
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.