Daily Pivots: (S1) 125.05; (P) 125.28; (R1) 125.46; More….
Intraday bias in EUR/JPY is turned neutral, as it recover strongly after hitting 38.2% retracement of 121.63 to 127.48 at 125.24. On the upside, break of 125.91 resistance will argue that the pull back from 127.48 has completed. Intraday bias will be turned back to the upside for retesting 127.48. Nevertheless, sustained trading below 125.24 will pave the way to 61.8% retracement at 123.86 next.
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.
