Daily Pivots: (S1) 132.90; (P) 133.16; (R1) 133.31; More….
Further rise is expected in EUR/JPY as long as 132.51 support holds. Current up trend should target 100% projection of 114.42 to 127.07 from 121.63 at 134.28. On the downside, however, break of 132.51 should indicate short term topping. Intraday bias will be turned back to the downside for 130.97 support 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).
