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EUR/JPY Daily Outlook

Daily Pivots: (S1) 129.91; (P) 130.23; (R1) 130.65; More….

Focus is now on 130.65 resistance in EUR/JPY. Firm break there will resume larger up trend from 114.42. On the downside, break of 129.63 minor support will extend the consolidation from 130.65 with another fall. Intraday bias will be turned back to the downside for 128.28 support. But downside should be contained above 127.48 resistance turned support.

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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