Daily Pivots: (S1) 127.48; (P) 127.64; (R1) 127.96; More….
EUR/JPY is staying in consolidation from 128.44 and intraday bias remains neutral first. Deeper decline cannot be ruled out, but outlook will remain bullish as long as 125.07 support holds. On the upside, Sustained break of 128.67 long term fibonacci level will confirm medium term upside momentum, and target 100% projection of 121.63 to 127.48 from 125.07 at 130.92 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 125.07 support holds. Next target is 61.8% retracement of 137.49 (2018 high) to 114.42 at 128.67. Sustained trading above there will indicate solid upside momentum and target 137.49 next. This will remain the favored case as long as 121.63 support holds.