Daily Pivots: (S1) 127.04; (P) 127.26; (R1) 127.61; More….
EUR/JPY’s break of 127.22 resistance suggests up trend resumption. Intraday bias is back on the upside. The current rise from 114.42 should target 128.67 medium term fibonacci level. For now, outlook will remains bullish as long as 125.92 support holds, even in case of retreat.
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 121.63 support holds. Decisive break of 127.07 will target 61.8% retracement of 137.49 (2018 high) to 114.42 at 128.67. Sustained trading above there will target 137.49 next. However, firm break of 121.63 will argue that the rise from 114.42 has completed and turn focus back to this low.