Daily Pivots: (S1) 126.10; (P) 126.42; (R1) 126.61; More….
EUR/JPY is staying in consolidation in range of 126.03/127.48 and intraday bias remains neutral first. Further rise is in favor as long as 126.03 support holds. On the upside, break of 127.48 will resume larger rise from 114.42 to 128.67 medium term fibonacci level. On the downside, firm break of 126.03 will suggest short term topping. Intraday bias will be turned back to the downside for deeper pull back, towards 125.13 resistance turned support 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 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.
