Daily Pivots: (S1) 131.92; (P) 132.17; (R1) 132.69; More….
EUR/JPY’s rally is still in progress and intraday bias remains on the upside. 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 131.63 support should indicate short term topping. Intraday bias will be turned back to the downside for 55 day EMA (now at 130.16 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).
