Daily Pivots: (S1) 132.78; (P) 132.94; (R1) 133.16; More….
EUR/JPY is staying in consolidation below 133.42 and intraday bias remains neutral. Downside of retreat should be contained well above 130.97 to bring rally resumption. On the upside, break of 133.42 will resume larger up trend from 114.42, and target 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).
