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EUR/JPY Daily Outlook

Daily Pivots: (S1) 128.18; (P) 128.52; (R1) 128.75; More….

Intraday bias in EUR/JPY is turned neutral with 4 hour MACD crossed above signal line. Correction from 130.65 short term top could still extend lower. But downside should be contained above 127.48 resistance turned support to bring rebound. On the upside, above 129.12 support turned resistance will turn intraday bias back to the upside for retesting 130.65.

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 137.49 (2018 high).

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