Daily Pivots: (S1) 131.62; (P) 132.00; (R1) 132.39; More….
Intraday bias in EUR/JPY is turned neutral first with current retreat, and some consolidations could be seen. But downside should be contained well above 129.57 support to bring another rally. On the upside, break of 132.35 will extend the whole rise from 114.42, for 100% projection of 114.42 to 127.07 from 121.63 at 134.28.
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).
