Daily Pivots: (S1) 125.72; (P) 125.96; (R1) 126.31; More….
EUR/JPY’s rebound from 125.07 resumes by taking out 126.39 minor resistance and hits as high as 126.65 so far. Intraday bias is back on the downside for retesting 127.48 high next. On the downside, below 125.98 minor support will turn bias neutral again 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.