Daily Pivots: (S1) 129.39; (P) 129.72; (R1) 130.18; More….
EUR/JPY’s consolidation from 130.65 could still extend and intraday bias remains neutral first. On the upside, decisive break of 130.65 high will resume larger up trend from 114.42. On the downside, below 128.28 will extend the correction from 130.65. But downside should be contained above 127.48 resistance turned support to bring rise resumption.
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).