Daily Pivots: (S1) 129.73; (P) 130.35; (R1) 130.72; More….
Intraday bias in EUR/JPY is turned neutral again as it retreated after hitting 130.95. Another rise is expected as long as 129.56 minor support holds. Break of 130.95 will resume larger rise from 114.42 to 100% projection of 114.42 to 127.07 from 121.63 at 134.28. However, firm break of 129.56 will turn bias back to the downside for 128.28 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 127.07 resistance turned support holds. Next target is 137.49 (2018 high). Decisive break there will open up the possibility that it’s indeed resuming the up trend from 94.11 (2012 low).
