Daily Pivots: (S1) 133.63; (P) 133.78; (R1) 133.92; More….
Intraday bias in EUR/JPY remains neutral first, and further rise is expected with 132.51 support intact. On the upside, sustained break of 100% projection of 114.42 to 127.07 from 121.63 at 134.28 will extend the up trend from 114.42 to 137.49 long term resistance next. On the downside, break of 132.51 support is needed to indicate short term topping. Otherwise, outlook will stay bullish in case of retreat.
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 130.65 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).
