Daily Pivots: (S1) 131.67; (P) 132.07; (R1) 132.35; More….
No change in EUR/JPY’s outlook. As long as 103.97 support holds, further rally is expected. Current up trend from 114.42 should target 100% projection of 114.42 to 127.07 from 121.63 at 134.28 next. However, firm break of 130.97 should confirm short term topping. Intraday bias will be turned back to the downside for 55 day EMA (now at 129.99 first).
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).
