Daily Pivots: (S1) 130.41; (P) 130.92; (R1) 131.23; More….
Intraday bias in EUR/JPY remains on the downside at this point. Fall from 134.11 is seen as correcting the rise from 121.63. Deeper fall would be seen to 38.2% retracement of 121.63 to 134.11 at 129.34. We’d expect strong support from there to bring rebound. On the upside, above 131.41 minor resistance will turn intraday bias neutral first.
In the bigger picture, rise from 114.42 is seen as a medium term rising leg inside a long term sideway pattern. 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). For now, outlook will stay bullish as long as 127.07 resistance turned support holds, in case of pull back.
